Debt: we live in a culture of credit with a dramatic surge in private borrowing due to wage stagnation over several decades. Many people will now be indebted until death. Johnna Montgomerie,Reader in International Political Economy King's College London, tells Laurie Taylor why she proposes the abolition of household debt in the context of a chronically dysfunctional situation, both individually and collectively. Also, the story of the National Debt. Martin Slater, Emeritus Fellow in Economics at the University of Oxford, explores its changing fortunes and role in shaping the course of British history. How has Britain been moulded by attempts to break fee of the debt, from post war Keynesian economics to today's austerity?

Producer: Jayne Egerton