Britain’s Debt is a National Scam: A Case for Repudiation

A call from Mr Bickley the other day: “Can you do something on how to introduce sortition into England?” he asked. “Sebastian has a good piece going up on sortition in China.” I thought about it. Rather, I spent half a minute thinking why I just didn’t fancy the job. Truth is, the country needs a Caesaristic dictatorship, not playing with how to choose who takes the bribes. I accept we’ll need something regular once the Optimus Princeps has done his job, or died. But that should take me well past middle age. In the meantime, tinkering with systems of government is a waste of time. Better, I think, to focus on what advice our Caesar might find useful.

Here is a diagram shown in class the other day by my fool of an Economics teacher, who spent half a lesson claiming it didn’t matter. I imagine he downloaded it from the Office of National Statistics, so it is probably accurate in its generality. If you look, you’ll see that the national debt stood in 2008 at around 35 per cent of GDP. Before the Pandemic Scam, it had gone past £3 trillion, exceeding 100 per cent of GDP. I can’t be bothered to look for myself, but I doubt if it has come down since. The increase was initially justified by the “financial crisis,” then by whatever excuse the scum politicians found convenient. The truth, however, is that borrowing has become the default setting of the state. Successive governments have found it easier to borrow than to govern responsibly.

The political class continues to borrow on the assumption that future generations will pay. But a responsible government—one that actually represented the interests of the British people—would take a different course: it would repudiate the debt.

There is no moral obligation to pay what was never rightfully borrowed. The British people never voted for this debt. They never approved those bailouts, or the “pandemic” scam, or the expansion of the civil service, or the green subsidies that have funnelled wealth into the hands of corporate cronies. At no point did any government seek a direct mandate for this spending. Therefore, it isn’t our debt.

And yet, we are the ones expected to pay for it. We are told there is no money for proper policing, but there is money for diversity initiatives in the police force. They are told that the NHS is collapsing due to lack of funds, but somehow, billions can be found to make it “Net Zero.” We are taxed at historically high levels, not to maintain public services, but to keep the state’s parasites and creditors happy. This is not fiscal policy; it is economic servitude.

Debt is not inherently bad. A responsible state might borrow to fund essential infrastructure or productive investment. But that is not what has happened. The money has been spent in ways that serve the ruling elite, not the people.

The state has expanded not in efficiency, but in size. Public sector employment has swelled with administrators and ideological enforcers.
The government has poured billions into the pockets of foreign dictators, not least the Zelensky regime in Kiev, and projects that do nothing to improve life in Britain.
The financial sector, which profits handsomely from government borrowing, has ensured that the debt-fuelled system remains intact.

At every turn, the debt has been a tool for those in office to reward themselves and their shadowy masters, while the burden is placed squarely on the taxpayer. The result is a nation where public spending is vast, but public services are collapsing.

The argument against repudiation is always the same: it would hurt the economy. But whose economy? The average Briton is already paying record taxes and receiving ever-diminishing services. Their economy is already broken.

The real victims of repudiation would be:

Institutional Bondholders – The financial elite who profit from endless government borrowing would find themselves out of pocket. They have long operated under the assumption that the state exists to guarantee their wealth. They are wrong.
Foreign Lenders – A large portion of British debt is held by overseas investors, including states that do not like us. These are not debts owed to allies; they are leverage used against the country.
The Political Class – The current system depends on borrowing to sustain itself. A government that refused to pay would break the cycle, forcing politicians to govern within the means of the country rather than on endless credit.

The British public, by contrast, would stand to gain. Taxation would no longer be dictated by the need to appease bond markets. Public money could be directed towards actual priorities rather than debt repayment. And most important, the nation would be freed from a system that exists to extract wealth from the many for the benefit of the few.

There is no painless way out of the current mess. Continuing to service this debt will only mean more taxes and more national decline. Repudiation would not be without consequences, but those consequences would be felt primarily by those who deserve to suffer them. The people of Britain owe nothing to those who have exploited them.

A patriotic dictator—one who sought to act even minimally in the national interest—would look at that £3 trillion of debt and say: Can’t pay, won’t pay.