"A great deal of what is said about the economy is either wrong, or mumbo-jumbo. The Mythbuster series is being published on the Tax Research UK blog to tackle the issues that cloud understanding of our economy."

Resilience Economics

" We need an economy which is resilient in the face of these crises. But we also need an economics which recognises that it exists to serve not the economy or an ‘economic class’ but to serve society."

Mythbuster: We Can't Afford The Interest On The National Debt

"the average interest rate paid on UK national debt has been falling steadily.

So too has the cost of the interest on that debt be(e)n falling as a part of GDP and of total government spending. Just 4p in every pound the government now spends goes on interest payments. And two-thirds of that goes to people in the UK.

In that case the idea that interest payments on the national debt will be a massive burden makes no sense at all."