What debt? The Bank of England has created most of the money, there's really no-one to pay it back to. Certainly you should pay back the debt owed to external

What debt? The Bank of England has created most of the money, there's really no-one to pay it back to. Certainly you should pay back the debt owed to external agencies, but there's no need to pay back that owed to your Central Bank. If that's too crazy, then refinancing all of the debt over 30 yrs is probably the best solution, as it provides time for the economy to recover. Conversely, given that demand from the private sector has dropped, if you introduce austerity then it will take longer to pay the debt back.