This one is an anonymous response from public.enquiries AT hm-treasury.gov.uk and states:
The National Debt is not owed by the public, but is owed by the Government. It is not Government policy to repay the national debt completely. Governments borrow in order to spread the capital of projects across generations, so that all those who benefit from a government policy contribute towards it.
Borrowing also allows the Government to smooth its expenditures over time, allowing for a more stable tax system.
If the Government did not issue debt, then taxes would have to be constantly changed. This approach is unfeasible and economically inefficient.
I shall send an email in response to this and ask others to do the same.
- Could This Work to Pay Off The National Debt (socyberty.com)
- LETTER TO THE EDITOR | Don’t Blame Dems for the Debt (kitsapsun.com)
- The US National Debt Exposed (creditloan.com)
- A Global History of Debt By Region: Map from 1970-2010 (creditloan.com)