Trumps late the British already tried this back in the 1700s

British perpetual bonds, historically known as consols, were government-issued debt securities with no maturity date, meaning the principal was never repaid and interest payments continued indefinitely. The first British consols were issued by the Bank of England in 1751, initially to consolidate existing government debt and reduce interest rates. These bonds became a cornerstone of British government finance, particularly during periods of war, as they allowed the government to raise large sums at relatively low interest rates while retaining the flexibility to redeem them at its discretion. The integration of the Bank of England with state functions enabled the government to manage these long-term loans effectively, with the City of London’s financial elite, including the Bank of England and major trading companies, playing a key role in their issuance and subscription.

The British government primarily issued perpetual bonds during wartime and used peacetime to redeem them, a practice that reflected the fiscal model of the time, which did not involve sustained peacetime deficits. By the early 20th century, most of the government’s debt was in the form of undated gilts, with the 2.5% Consolidated Loan being a major example. However, during World War I, rising inflation and interest rates made it impossible to continue issuing debt at the low rates of the past, forcing the government to issue new debt at higher rates. In the interwar period, the government consolidated war loans into new perpetuities, such as the 3.5% Conversion Loan and the 4% Consolidated Loan, which were not redeemable before specific future dates.

The era of British perpetual bonds effectively ended in 2015. Between February 1 and July 5, 2015, the British government redeemed all eight outstanding undated gilt issues, including the last of the 2.5% Consolidated Loan, which had originated in 1753 and was a direct descendant of the South Sea Bubble-era debt. This marked the end of a 300-year tradition, making the UK the last country to have perpetuities outstanding. The final redemption was driven by the desire to eliminate high-interest obligations and improve fiscal efficiency, with the chancellor at the time, George Osborne, stating it represented "great value for money for the taxpayer".

While no new perpetual bonds have been issued by the UK government since 1946, the concept persists in modern finance. Some corporations, such as Disney, have issued 100-year "century bonds" (also known as Sleeping Beauties), and common stock is considered a perpetual financial instrument, as it has no redemption date and exists as long as the company does. However, no government or corporation has issued undated bonds since the UK’s final redemption in 2015.