Andrew Neil argues that UK national debt passing £3 trillion is a serious fiscal risk, warning that high borrowing costs could constrain future governments and leave the country vulnerable to a loss of market confidence. He criticises politicians across parties for allowing spending and welfare commitments to rise faster than economic growth, and questions whether the new Prime Minister is prepared to address the problem.

The article says debt has risen from just over £330 billion at the start of the century to almost ten times that level, accelerated by the 2008 financial crisis, the pandemic and energy-bill support after Russia’s invasion of Ukraine. Neil states that interest payments will exceed £110 billion in 2026–27—about £300 million a day—and cites official forecasts of £3.5 trillion of debt and roughly £135 billion in annual servicing costs by the start of the next decade.