Our per capita income (including purchasing power) is higher the reason for the deficit is because of ridiculous levels of welfare spending, which wasn’t the case back in the day. If we weren’t paying so much money to bribe the poorer end of the electorate (and even the better off, who cannot perceive the amount being robbed from them in taxes compared to how much they are receiving in benefits and healthcare), we would have plenty of money to spend on defending the realm and its interests...
Indeed, but we are paying off all that welfare spending, so we can’t afford more for defence. I’d prefer it to be different, but it isn’t.