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Britain is facing ruin, but deluded Tories are still refusing to accept it – Telegraph.co.uk

Rishi Sunak knows the dangers, but his party has embraced a destructive economic illiteracy

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Yes, incredibly, the total cost of servicing our debt will fall to a new historical low of 1.7 per cent of government revenues next year, and yes we have been able to borrow longer-term than other countries, locking in this cheaper financing, but what happens if and when interest rates go up? We are, to paraphrase Bill Gross, writing at the time of the financial crisis, lying on a bed of nitroglycerine. In a crucial line, the OBR explains that the impact of each 1 percentage point rise in short-term…

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