Robert Peston

speaker

5,884 appearances 45 recordings 5 series first heard Nov 2025 last heard yesterday

Robert Peston’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 45 in all, peaking in Jun 2026 with 9.

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The Rest Is Money · 311. Why is the US debt crisis a big problem for Burnham? · 6 Sep 2026 podcast

That the price of UK government debt, because this is a global market, um, has been falling even more sharply. matched

And poor old Andy Burnham has now got a situation which I don't think he was expecting, but is now uh front of mind for him, where the price of borrowing for the UK for ten years matched

And for thirty years has risen to levels we have not seen for decades. matched

Um well over, you know, sort of up to five and a quarter percent for ten years and actually not that far off six percent to borrow for thirty years. matched

And one of the things I think about in these contexts is, you know, if you're a homeowner and you're facing a six percent mortgage rate, that's horrific. matched

Uh uh or or it would be in the context of what's been going on. matched

over the last few years and the poor government is facing that on t on on on its massive um stock of debt, which I will come back to the UK aspects in a bit. matched

This is the manifestation um in part of you know the damage done by Trump's war in Iran, but there are also wider financial concerns, aren't there, Steph? matched

It certainly is. matched

And and let's because this is the moment where it's always important to get people's brains exploding. matched

It it's worth just for a second looking at the biggest borrower in the world, Trump and um and and America. matched

Um and uh there are sort of three numbers I'm gonna share with you, uh but they are the kind of numbers which are almost impossible to comprehend. matched

So just to refinance maturing debt every year, um maturing American government debt, the American government has to find ten billion pounds a year, right? matched

On top of that, because uh Donald Trump turns out, despite what he promised, to be pretty spendthrift, they've got to borrow new money. matched

I'm talking matched

trillions here, right? matched

So that's twelve trillion, right? matched

But and this is the bit where you where where honestly um uh it's like going to the edge of a a really high cliff and looking over. matched

The American government borrows an enormous amount in the form of bills which is very short term borrowing borrowing that lasts for only a few weeks right and that has to be rolled over in new matched

So if you add together matched

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