Britain’s national debt timebomb

Worrywarts are concerned about household debt. They’re fretting about the wrong thing. Despite austerity, the welfare bill continues to soar, says James Ferguson of the Macrostrategy Partnership.

Brown was too generous with his handouts and the bill is falling due

Worrywarts are concerned about household debt. They're fretting about the wrong thing. Despite austerity, the welfare bill continues to soar, says James Ferguson of the Macrostrategy Partnership.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

James Ferguson qualified with an MA (Hons) in economics from Edinburgh University in 1985. For the last 21 years he has had a high-powered career in institutional stock broking, specialising in equities, working for Nomura, Robert Fleming, SBC Warburg, Dresdner Kleinwort Wasserstein and Mitsubishi Securities.