Hello and a very, very happy New Year. Well, of course New Year, it’s a time for hope and optimism and Britain’s favourite Sunday sermon is back.

I want to just talk about borrowing and spending. Because in an ideal world we would of course always earn more than we spend. But occasionally it’s not possible. You need to borrow a bit short term.

Here’s the thing though. You can’t keep borrowing if you’re not increasing your earnings, your value. When you buy a house, you probably need a mortgage and you start paying off the mortgage, and you might want to do a refurb, so you’ve got to borrow a bit more. Hopefully the value of the house goes up in value way more than how much more you borrow for the refurbishment. But what happens if the value of the house stays the same or even worse, goes down?

We can’t keep borrowing. Eventually you run out of money. And here’s the point.

With regard to the UK economy, I’m really concerned because the fact is we’re not growing the economy and yet we’re still borrowing more and more. In this year alone, it’s going to be about £150 billion, give or take. That’s almost 5 per cent of the size of the economy.

If we’re not growing and we keep borrowing, eventually we will run out of money.

Watch Richard Tice’s full Sunday Sermon for January 7 2023 above.