gebyatt 16 August 2011 -

gebyatt 16 August 2011 - 7:59am It is in control of its own debt.
Government bonds and national currencies are subject to the decisions of the global market. The pound could be put under pressure and its value forced down against other leading currencies. Treasury bonds could be sold off and borrowing costs forced up.
You don't seem to have grasped that the UK is not an island apart but is part of the global economy. Clearly, the UK can take more or less intelligent measures to meet international pressures but it cannot control the situation.

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