The indebtedness of the UK is just under ten times its official GDP.
This is about as bad as it was under Edward III, at the start of the Hundred Years War, when Edward defaulted on his war loans from the Florentine banking houses of the Bardi and the Peruzzi, after he failed to sack France to make good the investment.
No wonder the French like pointing out the nakedness of the UK’s debt position, built up by Major, Blair, Brown, and Cameron.
Edward’s default threw the rest of Europe into a prolonged depression and destroyed the banks of the Bardi and the Peruzzi.
However, if banks will extend enormous credit to governments to finance their endless welfare-warfare addictions, and then go bankrupt themselves as a result, they really do have no-one else to blame except themselves.
What is financial debt?
Money owed by banks is generally financial debt whereas money owed by non-banking entities is non-financial debt