The market has recouped virtually all the losses incurred since Covid-19 sparked meltdowns in early-to-mid March.

The items which I have marked have been incurred since I spoke to you last about your debts.

It has assumed a further £40bn of fines on top of £60bn already incurred since the financial crisis.

All the rebel States' debt incurred since the revolt, for the purpose of overthrowing the Government, will, of course, have no legal existence.

The public debt of the principal entente allies is calculated at approximately $105,000,000,000, not counting the debt incurred since May 1918.