For example, another myth put about is that the debt is somehow a terrible burden on future generations as it is owed to someone other than us UK citizens and will therefore have to be repaid. But in fact less than a third of the debt is owed to foreigners. The rest is owed to ourselves. Much of it is held by our own pension and insurance funds: UK citizens will be the beneficiaries of these funds and the proceeds can be redistributed among us by future governments if needs be.
