There is a broken wheel in British politics. It turns a little something like this...
Labour get voted in for promising the earth to voters and "someone else will be paying". What's not to like, if you can't see past the end of the Labour leader of the time's (very long) nose?
Then they get the banks to print money like sweetie water, and we get an inflationary boom. Weee! Our houses go up by £1000's a month, and everyone's out at the shops spending their equity withdrawl money. Wow! These Labour guys are geniuses aren't they? They're just The Best! Let's keep them in for EVER! The banks are pretty happy with their lot too.
Then... the reality. The interest on the bonds raised to exchange for the banks phoney "money" suddenly consumes most of the annual tax income. Bummer! Booooo! The mathematically inevitable bust comes around again.
Oh, guess who we have to vote in, to clean this mess up AGAIN? Ah yes, the lucky Conservatives who are prepared to tell it like it really is, act, and be nationally despised. Another term or perhaps two of being hated for doing what is required by the scale of the debts acrued, and then... It's Time For Change again!
This is going to continue all the time we have Fractional Reserve Banking, and we have to buy "money" from the BoE at interest. It IS possible, there is a practicable way - we just need to find it pronto. If we don't fix this, that dysfunctional cycle is going to turn forever.
We don't "need" Fractional Reserve Banking, and we certainly don't need the BoE to print our money and take interest. Take these away, put a firm leash on issuance of currency by the Department of Treasury, and this problem just goes away.
This is simplistic, but you know it's true.