Debt is control

Nick Macpherson, former Permanent Secretary to the Treasury has tweeted: Writing off NHS trust debt only justifiable if correlated with high pressure areas, eg London. Otherwise an inefficient way of addressing resource constraints. Of course, it adds another 0.7% to national debt/national income ratio. This crisis is becoming expensive. #soundmoney Which comment is, as many… Read more

Criticism all round – even from your major supporter abroad

When even the Trump administration – and indeed the man himself – ridicules the UK government’s covid-19 policies you are not in a good place… Hers is a good point of course, but it would be better still when we know that the survival rate on a ventilator is roughly 50:50, I understand. Whereas fewer… Read more

The Magic Money Tree used for the advantage of banks – again

These are key quotes from the British Business Bank, the bank designed to keep business running till the Coronavirus crisis passes: Coronavirus Business Interruption Loan Scheme gives the lender a government-backed guarantee for the loan repayments to encourage more lending. The borrower remains fully liable for the debt. The Big Four banks have agreed that… Read more

COVID-19 in Great Britain and Northern Ireland

Introduction The overall HMG response to the Covid-19 pandemic has been flatfooted, slow and confusing. Mixed messages have been given as in Fig. 1. This video from Joe.uk shows total inconsistency from PM Johnson. This mixed messaging has the potential of being disastrous. According to Sonia Sodha: Media experts despair at Boris Johnson’s coronavirus campaign…. Read more

The bureaucratic French

On March 17 Bruno Le Maire, French finance minister (their equivalent of Rishi Sunak) unveiled €8.5 billion state scheme to pay French employees ‘partial’ unemployment benefit so as to avoid redundancies during the Coronavirus crisis. One week on, 730,000 employees are already benefiting from this scheme (cost so far: €2.2 billion). M. Le Maire will… Read more