Why is it that the UK's sovereign interest rates, the rate of interest the government pays, are higher than any other G7 economy? And why is it that our inflation is higher than any other G7 economy?

Well, the one thing that people don't reflect on very much is that when a lender, and the bond market essentially is the lender to governments across the world, and when lenders are considering what interest rates they're willing to lend at, they're very interested in the uses to which the money is being put.

If you go to the bank and you raise a loan against the purchase of an asset like a house, the interest rate that you will be offered will be the lowest interest rate that the bank is willing to lend to you at.

But if you go to the bank and say, "I'd like to have unsecured credit on my credit card," you'll pay many multiples of that rate.

And the reason being that the bank has no clue what you're going to be spending the money on, and you may be spending the money on- Having a good time, which isn't going to make you a very good prospect in terms of repaying the debt.

If you think about the United Kingdom, our debt to GDP has been rising all century under all colors of government, regardless of their intentions.

We've had a Labor government, a Le- Tory, Lib Dem coalition government, various shades of Tory government, and now a couple of varieties of Labor government.

The budget on October the 28th, yeah.