Imagine if Keir Starmer, the UK Labour leader, had said, let’s not get too obsessed with government debt. If we go down that road we won‘t be able to provide the public services we need, our infrastructure will crumble further and we’ll simply see the country’s productivity erode further by the day. Unfortunately, he didn’t say that. Instead, he has pledged himself to the temple of fiscal responsibility, just like the Conservatives. That means, whichever party is in power the UK can expect something akin to the austerity that plagued the last 2010s. Phil asks Steve just ow much extra spending the government can get away with, though, when the Liz Truss experience suggests governments are answerable to the financial markets.

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