To repeat: between now and 2040, on conservative assumptions, the UK's national debt will spiral from 100pc to 500pc of GDP, or 300pc if we take measures to rein in state age-related entitlements that go far beyond what is currently proposed.

Why aren't our politicians being forced to address this reality? Why aren't the massed ranks of "strategy men" in the Treasury waving this BIS paper under the noses of our so-called leaders, telling them "we have a very serious problem"? Why aren't other mainstream economics commentators screaming from the rooftops, using their media platforms to jump up and down and shout "WE SIMPLY MUST CHANGE OUR WAYS"?

Liam Halligan, 'Televised debate made history, but what about the herd of elephants in the room?', Telegraph.co.uk.