All governments whatever their supposed political alignment are borrowing all the time feeding inflation and eroding savings faster than interest rates. Do you even understand that in the UK much of the government spending goes to private companies anyway.
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Fifty years ago when I was a student a pint of beer in the pub was under 20p a pint of milk was 4p and potatoes were 3p a pound, what are they now £4.50, £1 and £1 respectively, so a pound is worth around 20 times less.