I don’t know what he’s referring to when he references the health of the economy, because there’s no context, nor is the full quote present. But if he’s talking about debt as a percentage of GDP, it’s over 100% now, which hasn’t been the case since World War II debt was paid down past that point in the early 1960s.

fred.stlouisfed.org/series/DEBTTLGBA188A

Reducing that ratio will probably mean spending cuts or more taxes or both. Both are already apparently happening now. At the end of last year:

cnbc.com/…/uk-finance-minister-announces-tax-hike…

UK finance minister announces tax hikes and spending cuts, says country is in recession

Finance Minister Jeremy Hunt, in his hotly anticipated inaugural Autumn Statement, outlined around £30 billion in spending cuts and £25 billion in tax hikes.