There is a fascinating paradigm shift in economic thinking happening right now: the Thatcher-inspired idea that a country must budget like a household is being upturned.

High-profile BBC political journalists, continually challenging politicians on how they plan to “pay the money back” are being re-educated by their economic colleagues. The BBC even showed a graphic last week confirming that 92% of the government’s pandemic borrowing had been from itself (or at least the Bank of England).