Since there is no mechanism for writing off any government debt, present day tax money is being used to pay interest on the accumulated debt of the past 300 years. High interest rates only aggravate the situation. The banks should pay governments for a licence to create money. Governments should not pay interest. As each year goes by, an increased percentage of tax revenue is swallowed up by the Bank of England, and social services are withdrawn as there is not enough money left to fund them.
Debt is like a cancer in society.
It causes the ills of unemployment, bankruptcy, poverty and destitution, which lead, in turn, to crime and ill health. At some point in the future, at least in some countries, the rate of money-creation, increasing at an exponential rate, will be overtaken by the size of the government debt, increasing at an even faster exponential rate. At that point, all wealth will go to pay an unrepayable loan, and there will be no social services. This is already the case in Third World countries, where the real wealth of those countries is exported to pay an unrepayable debt, and where every newborn baby is already in debt to foreign banks. In the Channel Islands it is different.