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Economics

Jun 16, 2026 Yanis Varoufakis

The true nature of Britain’s “special relationship” with the United States has far more to do with American financiers’ willingness to keep borrowing to purchase British government debt than with history, culture, or Britain’s defense needs. Every UK Prime Minister must bear this burden, which is rapidly becoming unsustainable.

ATHENS—The former heavyweight boxer Mike Tyson famously said, “Everyone has a plan until they get punched in the face.” The same could be said of prospective British prime ministers, especially after Liz Truss’s spectacular defenestration after a mere 49 days in 2022. They all have a plan until the gilt market hits them.