Why can’t we simply rob Peter to pay Paul?

Sir, – The national debt has risen without comment or alarm from about £300 billion in 1997 to some £2,700bn today. That staggering sum is merely the total of all annual deficits in that period, and is

largely money created from thin air by the banking system, at the behest of government.

So why are we now being asked to pay £55bn by way of cuts and taxation?

Surely that too can be similarly funded, and for as long as we can afford the interest due to the banks all will proceed as normal, and the national debt will rise to £2,755 bn.

Malcolm Parkin. Kinnesswood, Kinross.