Why the confusion between debt and deficit?

Polls show that, depending on how you ask the question, just between 8pc and 12pc of us realize that debt is rising. It’s not hard to work out why: first, politicians – even the Prime Minister – says that debt is falling. They say they get it confused with ‘deficit’. But this morning, I tweeted that blame lies with the BBC and its failure to mention this basic point when reporting on the public finance. Its narrative tends to be one of fast, deep cuts. It tends to use language that no one understands, and not just conflating ‘debt/gdp ratio’ with ‘debt’.

Most normal people don’t know what ‘deficit’ means, for example, and nor should they. It’s a Westminster wonk word, not even used in business. As Gordon Brown knew, when he said he’d ‘half the deficit in four years’ voters heard ‘half the debt’. This, I suspect, is what has led to the scandalous situation where the people who are liable for the debt – the voters – don’t know what is going on.