Long story short, the UK learned its lesson and the last thing it would ever do again is get perilously close to admitting the truth, which is that it is exclusively reliant on the debt market to fund its marginal deficit spending.

Which, however, would mean two things: i) it would somehow have to convince the market it has much more debt capacity than it currently does, i.e. changing the definition of debt, and ii) it would need to actually do the right thing (something it has to do since unlike the US it doesn’t have a reserve currency to punch around) and either boost taxes or cut back spending.

As Bloomberg reports, at next week’s budget, the government “will be changing the way that we measure debt” to a new arrangement that will “free up money to deliver a long-term return to our country and taxpayers,” Reeves told reporters on Thursday in Washington, where she was attending the IMF’s annual meetings.

And yes, we are literally talking about “changing the definition of debt” as Goldman explained in its Budget preview note

https://www.zerohedge.com/economics/uk-change-definition-debt-so-it-can-add-90-billion-more

 

We’ve seen this all before — like when TPTB changed the definition of “vaccine” to include mRNA injections which otherwise could not be called vaccines — OR — how they change the definition of inflation (multiple times) to remove actual inflation indicators and replace them with benign ones that then keeps the “measured rate of inflation” lower than it really is. Am sure there are MANY more examples…….