Britain’s welfare state has been funded by taxing high earners hard, skimping on defence, letting public services deteriorate—and borrowing a fortune. This strategy is running out of road https://www.economist.com/britain/2026/10/22/britains-welfare-state-is-living-on-borrowed-time?taid=6adbac5ae63e5000016c46c3&utm_campaign=trueanthem&utm_medium=social&utm_source=twitter