There are other factors. The UK has a huge trade deficit (blue), and that means the government (yellow) also has to run a deficit (print money, or more accurately, get banks to do it) to inject into the economy to pay for all those Chinese trainers, American iPads, and German cars.
No, a trade deficit doesn’t mean the government has to run a deficit. Dear God no.
It means the capital account must be in surplus, foreigners must be buying UK assets.
Note that Lawson got the government deficit into surplus in 88 and 89, while the trade deficit soared….
Note also that Ritchie praised this article.