Steph McGovern

speaker

4,471 appearances 51 recordings 6 series first heard Nov 2025 last heard 9 Sep

Steph McGovern’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 — 51 in all, peaking in Aug 2026 with 9.

Appearances

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

We've got a budget coming up. matched

Um originally our Chancellor Healy said that um or was implying it wasn't going to be a big budget, but he might not have any choice uh given how much the fiscal headroom will have been squeezed by what's happening with borrowing costs and everything else. matched

So let's talk about that after a quick break. matched

And meet Steph McGovern. matched

So we have given you the global picture in terms of the concerns about inflation, about borrowing costs, about what might happen with interest rates across the world, about what's going on in AI and and their borrowing, how that might impact us. matched

But let's look at the UK now because um the UK is often more exposed to these uh shocks, these these concerns about matched

Inflation than lots of other countries. matched

We're going to talk about why, but just to remind you, uh we started right at the beginning of the podcast talking about uh bond yields. matched

The UK borrowing is now its highest it's been since uh two thousand and eight, the global financial crisis. matched

If you look at tenure guilt, which is kind of the benchmark for countries' borrowing costs, that was uh went up to five point two nine percent. matched

So, you know, that is it matched

Is uh worrying for us. matched

It means uh it's adding a lot more interest to our debt. matched

And just to tell you where we're at on that, because it's interesting. matched

So the interest we pay on our debt as a country, it was at £109 billion last year. matched

It's expected to be more than that this year. matched

If that were a government department, it is bigger that value, that money there in in debt interest than defence. matched

Then energy, then transport. matched

It's bigger as well than the school's budget. matched

So this is a huge amount of money that we are paying simply in interest on our debt. matched

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