We have a fiat currency so no need to ‘borrow’ via the bond market ( and we haven’t needed to since 1973 when we the UK went Fiat, post Bretton Woods).( Kelton, Mitchell, Mosler, Wray) It’s not a debt is just what is spent into the economy. If there is a risk, then it’s inflation. This can be absorbed by reducing liquidity via improved savings via bonds (as in WW2 in the US and UK), targeted taxation to maintain a low income gap, Government projects to employ like infrastructure, a reduction in further issuance of currency, etc ( Kelton, Keynes, Mitchell, Mosler, Wray).
Note; also the most valuable currencies in the world belong to the Nordic countries. this is a reflection of their market value and perceived stability ie very low risk.
Selling the idea
As with Attlee it’s promoting the gains more than the loss (though cognitively we fear loss more than gain) (Kahneman) thus it has to appeal to the middle/upper middle, the over 50’s and the reluctant young voter.
This policy would put clear water between Labour, SNP (Scotland), Greens to any neoliberal political party to the right..
Childcare, education and elderly care, provide them, free at the point of use, then housing can be tackled, try and do housing on its own, with small tweaks, nothing will change.
It has to be a big carrot to compensate for the stick.
I’m no Beveridge or Attlee, but it has to be big.
Remember those opening lines from the Attlee Government information film of 1948?