Welcome to the A Long Time In Finance Podcast; the long view of finance, markets and money as seen by two veteran City editors, Neil Collins and Jonathan Ford. Sponsored by Briefcase.News and hosted on Reaction.

This week is a two part series on Britain’s national debt called “A Nation Deep in Debt”. Part One is the story of the National Debt from 1694 to the present, with financial historian James Macdonald, and Part Two is a discussion of where we are now, whether the national debt is sustainable, and what to do about it.

A Nation Deep in Debt: Part One

“Let us be, say I, a free Nation deep in Debt.. rather than a Nation of Slaves owing nothing.” So wrote a pamphleteer in 1720 about the remorseless rise of Britain’s National Debt. At a time of mounting concern about the public finances, we launch a two part series on the National Debt, starting with its ups and downs over two centuries with historian James Macdonald.

Presented by Jonathan Ford and Neil Collins. With James Macdonald. Produced and edited by Nick Hilton for Podot. Sponsored by Briefcase.News

A Nation Deep in Debt: Part Two

“For too long in this country, we have indulged in a fight over redistribution. Now, we need to focus on growth, not just how we tax and spend,” said Kawsi Kwarteng on 23 September. Unfortunately for the chancellor, the bond markets didn’t agree with him; yields ballooned, and a few days later he was out, followed swiftly by his boss Liz Truss. So where does that leave the UK’s stressed public finances? In the second of our two part series, Neil and Jonathan talk to Britain’s top bond vigilante, Jim Leaviss, and investor and writer Felix Martin about austerity, inflation, debt sustainability and where we go next.

Presented by Jonathan Ford and Neil Collins. With Jim Leaviss and Felix Martin. Produced and edited by Nick Hilton for Podot. Additional editing by Ewan Cameron. Sponsored by Briefcase.News