Gordon Brown Designs International Bank That ‘Doesn’t Count as Borrowing’; Perth Applies Same Logic to Its Credit Cards
Former PM helps plan defence bank kept off the books. A Scone man now describes his overdraft as 'a strategic resilience facility'.
A bank, which in this case is definitely not a loan. Photo: Diliff, “Bank of England Building, London, UK - Diliff”, via Wikimedia Commons, CC BY-SA 3.0
Former Prime Minister Gordon Brown is helping to design an international defence bank whose great selling point, according to reports, is that money raised through it would not count as government borrowing.
The idea has caught on rapidly in Perth. A Scone man told the Perthetic he had restructured his household finances along the same lines. “My overdraft is now an international resilience facility. My credit card is a multilateral spending vehicle. And the catalogue debt is a sovereign wealth fund. Technically, I’m solvent.”
His wife was unconvinced. “He bought a ride-on mower with it,” she said. “That’s not defence. That’s lawn.”
Economists say off-balance-sheet financing is a respected technique, provided everyone agrees not to look too closely at the balance sheet. The Perthetic’s own accountant said the principle was sound, then asked if we could pay him “in a way that doesn’t count as paying him”.
Mr Brown, a Fifer, is believed to be the first person from across the Tay to have done Perth’s household budgeting for it. Several residents have asked if he does tax returns.
The real story: UK politics (BBC News)
Letters to the Editor
The views expressed are those of the reader, and frankly that's on them.
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My wife says the ride-on mower was not a defence purchase. I say she’s never seen me defend that lawn.
— Colin N., Scone, 30 October 2026 -
If it doesn’t count as borrowing, can I not pay it back? Asking for my credit card.
— Lorna P., Perth, 30 October 2026 -
Off-balance-sheet is how I’ve run my golf club tab since 2002.
— Graeme H., Auchterarder, 30 October 2026
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