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Can we ever really tackle rising public spending?
Analysis
The Cost of Servicing Government Debt
Interest rates have risen, which means the cost of servicing government debt has gone up. If public debt is around the same size of the economy, about 100%, then you're paying 3% to 4% of GDP every year just to service the level of debt. It probably turns out we need to nurture that growth a little bit more by holding our line and continuing to invest in infrastructure. And with that leading to higher levels of growth in the future, that makes thelevel of debt less affordable than would otherwise be the case.
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