UK public debt calcs: GDP: £2.3t Debt: £2.5t D/GDP ratio: 109% Tax rev: £0.9t Spending: £1t Deficit: £0.1t Pay back period = ∞ If we balance budget, cut spend to £0.9t: Pay back period = ∞ For a 50y back back, cut spend by 13.5% from £1t to £0.865t = -£135bn/yr ∴ inflation