The latest official figure from the Office for Budget Responsibility (OBR) for the UK national debt in June showed it reached £2.989 trillion. The article by Liam Halligan headed: ‘Claims of debt hitting £3tn must be a wake-up call,’ highlights the fact that the UK national debt first broke the £1 trillion mark following the world banking crash and subsequent global financial meltdown in 2008. The banks demanded to be saved from bankruptcy through a massive bail-out by the capitalist state driving up the national debt as governments borrowed to pay to keep them from crashing. Today, six years on, the UK national debt has soared to over £3 trillion and Halligan has no doubt that this is ‘mainly down to soaring welfare bills and an escalating debt interest bill’. British capitalism is fast crashing into a historic recession that will make that of the 1930s look like a walk in the park by comparison.