Despatch: A £3 trillion problem

Britain's national debt has just passed £3 trillion for the first time – and John Penrose says it's time to get it under control. But while Andy Burnham ruled out breaking Rachel Reeves's fiscal rules to borrow more, he's asked his Chancellor to find 'wriggle room' within them. Penrose argues that what we need instead is full transparency about the state's liabilities. Any honest reckoning would…