Gilt Futurism

Borrowing from the future won't work if the future buggers off

Today the UK budget is being announced, and it’s expected to be a punishing one - higher taxes to pay for an ever expanding state. As with other economies, part of this spending is being covered by issuing government bonds (called “gilts” in the UK) - shifting some of the costs from current taxpayers to future ones.

In recent years, spending has grown ma…