Politicians talk about government debt a lot. When Prime Minister Rishi Sunak promised to tackle Britain's five most pressing problems, he included making sure our debt was falling. But what is the debt? In this episode Dr Gemma Tetlow explains why we have the debt at all, how much we owe, who we owe it to, and whether we should worry about it. Plus Dr Victoria Bateman takes us back in time to hear about historical debts we are still repaying today.

Everything you need to know about the economy and what it means for you. This podcast will cut through the jargon to bring you clarity and ensure you finally understand all those complicated terms and phrases you hear on the news such as Inflation, GDP, National Debt, energy markets and more. We’ll ensure you understand what’s going on today, why your shopping is getting more expensive or why your pay doesn’t cover your bills.

Guest: Dr Gemma Tetlow, Chief Economist at the Institute for Government Producer: Louise Clarke-Rowbotham Researcher: Beth Ashmead-Latham Technical Producer: Nicky Edwards Editor: Clare Fordham Theme music: Don’t Fret, Beats Fresh Music

A BBC Long Form Audio Production for BBC Radio 4