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Some blame rising borrowing costs on "austerity." UK public spending: 39.1% of GDP in 2019, 44.6% in 2025. Deficit up from 2.6% to 4.3%. Debt has risen from 84.5% to 94.3% of GDP, now £2.98 trillion. That is not austerity. That is a decade of permanent overspending. If more spending lowered yields, the UK would have the cheapest debt in the G7. It is the most expensive.