"High levels of borrowing cannot go on indefinitely"

Except, of course, they can. https://www.bbc.co.uk/news/uk-55032782">https://www.bbc.co.uk/news/uk-5...

"borrowing" is a misnomer in any case. There is no sense in which a monetarily sovereign govt should need to borrow back its own currency. Good article here from Stephanie Kelton that explains the whole borrowing illusion...
#amp_tf=From%20%251%24s&aoh=16060366325832&csi=1&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Fwww.ft.com%2Fcontent%2F53cb3f6a-895d-11ea-a109-483c62d17528">https://amp-ft-com.cdn.ampproject.org/v/s/amp.ft.com/content/53cb3f6a-895d-11ea-a109-483c62d17528?amp_gsa=1&amp_js_v=a6&usqp=mq331AQHKAFQArABIA%3D%3D #amp_tf=From%20%251%24s&aoh=16060366325832&csi=1&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Fwww.ft.com%2Fcontent%2F53cb3f6a-895d-11ea-a109-483c62d17528">https://amp-ft-com.cdn.ampproject.org/v/s/amp.f...

This bit is absolutely critical...

As the article notes, Japan has run massive deficits for years, leading to an ostensibly colossal "debt". Has it suffered penal interest rates? No. Has it suffered hyper-inflation? No. Has its economy imploded? No. Explanation: debt doesn& #39;t operate the way monetarists claim...

The big takeaway: there is no need to pay down the debt, and no need to cut public spending. Cuts, as ever, will be a *political* choice, not economic necessity.