There’s no point in governments expecting to return to a balanced budget. It won’t happen. The debt built up this year will sit on their balance sheets for decades to come, until it is eventually ost through inflation. And that assume sits not added to by more debt in subsequent years. On today’s podcast Paul Cavanagh, COE of Petronus Partners, says the intellectual chord that links taxation and spending has been severed. So what happens next? Japan has coped with massive government debt for a decade or more, and yesterday showed it is bouncing back from COVID-19 better than most. Listen in for an insightful discussion about how the attitude to public borrowing is changing, mainly because it has to.

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