The UK borrowed a staggering £20.3bn last month, by far the highest November figure on record. So far during this financial year, HM Treasury has put another £107bn on tick, compared to less than £50bn by the same stage in 2008/09. The grim reality is that Britain is on course to borrow the thick end of £200bn a year for the next three years. The gilts market simply won't have it.