What do you believe is the single most important factor driving up the cost of living in Nigeria?

Young people in Britain could be forgiven for despairing at the financial pressures they face—and feeling that previous generations enjoyed a much fairer economic environment. Then just to add to their worries about home ownership and a precarious jobs market, along comes the gloomy announcement that the UK's public debt is now 100% of GDP.

That debt burden will have to be carried by tax-payers for decades to come. Paying the interest—just the interest—of the country's debt currently accounts for around 7.3% of public spending. That's more than what is spent on defense (4.8%) or transport (3.8%).

And while some of what's left will go to towards essential future public services, it will also go towards fixing problems caused by a historic lack of public investment (less money being spent by previous generations) in water, railways and other crucial infrastructure.

There are other kinds of costs that today's younger generations have had to bear too. During COVID lockdowns, universities and schools were closed as the young were forced to stay at home, predominantly to protect the elderly. They have lost the freedom to live and work in the EU after 60% of retired people voted for Brexit, while most young people voted against. Leaving Europe has also made the UK less well-off.

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