In yesterday’s speech the Prime Minister refers to “unfunded borrowing”.
It’s here (To spare you having to endure the full half hour it is mentioned at about 23.58 in.)
It’s not a stumble, it is clearly spoken, yet it is prima facie nonsense. Borrowing isn’t going to get to be borrowing if it is unfunded.
It set me wondering if this might be Bank of England code for printing money?
As an ex employee perhaps the Prime Minister thinks that mention of printing money at the Bank of England might upset the horses, or worse still her banking friends.
Anyway she certainly seems to think you can have it – but just that it would be a bad idea.
I feel inclined to encourage it – just a little bit – so we can see how we get on – and see if we’ve broken the code.