Borrowed Time: A Brief History of the UK’s National Debt

If the UK’s finances had a diary, the National Debt would be the dog-eared, tea-stained volume marked “Do Not Open – Contents Still Outstanding.” It’s been lurking in the national accounts since the late 17th century – outlasting monarchs, market crashes, and more Prime Ministers than you can shake a red box at.

But this isn’t some historical accident or act of fiscal mischief. The National Debt is a deliberately engineered system – part policy, part paperwork, part political lifeline. And for over 300 years, it’s helped Britain fund wars, build infrastructure, and (occasionally) balance the books. Here’s how it all started – and why it’s still going.