This morning marks a milestone – but it’s nothing to celebrate. Public sector net debt as a percentage of the economy has exceeded 100 per cent: a level not seen since the early 1960s. And there are no signs of course correction.

The latest update from the Office for National Statistics shows, once again, that the government is spending plenty more than it takes in, with borrowing figures for August coming in at £13.7 billion – £3.3 billion higher than last year and £2.5 billion higher than had been forecast by the Office for Budget Responsibility in March.

Meanwhile debt servicing payments continue to take their toll, coming at £5.9 billion last month. It’s a tiny dip compared to last year – £0.1 billion less – as higher rates continue to demand that more of the........

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