"The reason why it’s a lie is, in the first instance, that the government cannot owe itself money, and yet £735 billion of the so-called national debt is now owned by the government, and so cannot be included in the figure for debt. And then there’s the fact that almost £200 billion of this supposed debt is actually deposits at National Savings and Investments, and to call that debt is grossly misleading. And if evidence is wanted, the government’s audited Whole of Government Accounts agree with my position, stating debt net of quantitative easing, for example."
https://www.taxresearch.org.ukr