The United Kingdom cut debt after the Napoleonic wars so it had the fiscal firepower to fight subsequent battles. But today’s superpower struggle between the United States and China, and the conflicts in Iran and Ukraine, are occurring when government borrowing across the world is already high.
Governments are spending more on defence and cutting their reliance on rivals in response to global threats. That is pushing ​up debt relative to GDP, limiting their ability to project power. Borrowing costs have also shot up. The yield on 10-year U.S. government bonds has almost trebled to 4.3% over the past five years.

The Invisible Tax: How War Raises Every Price

In the first major announcement of the two-day G20 summit in Rome, leaders of the G20 world's major economies approved a global minimum tax on the largest companies.

G20 Summit: World leaders approve global tax deal

A group of 136 countries on Friday set a minimum global tax rate of 15% for big companies and sought to make it harder for them to avoid taxation in a landmark deal that US President Joe Biden said levelled the playing field. Watch this report for more details.

Major reform of the Global Tax System

G20 finance ministers on Saturday gave their backing to a historic deal to overhaul the way multinational companies are taxed, and urged hold-out countries to get on board.

G20 endorses historic global tax reform

G20 finance ministers meeting in Venice on Friday and Saturday could rally the world's top economies behind a global plan to tax multinationals more fairly, already hashed out among 130 countries representing 90 percent of world output.

World Business Watch: G20 ministers to vote on global tax reform plan this week

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