This paper will explore the ideas that money is created by debt, and that new money is necessary for economic growth, and that therefore, absent calamity, debt will always grow faster than GDP.

In a joint report with the Centre for Cities, Anthony Breach examines how restrictions in British housing supply drives wealth inequality and can have negative effects on household financial stability. These dynamics drive the economic geography of Britain and the North-South divide.

This paper examines the risks associated with an increase in non-financial corporate debt. It breaks down the sustainability of debt by sector and their resilience to financial shocks along standard sustainability metrics and improved measures of leverage that take into account the composition of debt. In doing so, it hopes to provide different parameters for authorities to create macroprudential policy.