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Yes but the elephant in the room is the method used to determine these massive deficits. Using a buy-out Gilts based measure at a time when the bank of England has bought up £350bn of Gilts (causing demand to outstrip supply) in conjunction with ultra low interest rates; and a regulatory regime that virtually forces insurers, banks and pension funds to buy up Gilts (or other equally secure bonds) inevitably is going to create large deficits, except where the pension plan owns 100% Gilts with appropriate duration (I think the bank of England did this in 2007/8 - insider dealing?). Is this a good thing? I would say lending billions and billions to governments at super low rates for the next 50 years or so is not very efficient. Would the money be better invested in growth assets for the benefit of the whole economy and population?