Monetary Policy

The scale of borrowing “can only be compared to wartime”, says IEA expert



Emily Carver writes for Conservative Home

In the Media

Annabel Denham writes for the Spectator

Responding to the latest government borrowing figures published by the Office for National Statistics (ONS), Christopher Snowdon, Head of Lifestyle Economics at the free market think tank the Institute of Economic Affairs, said: 

“The national debt is enormous and will continue to grow for the foreseeable future. The scale of borrowing dwarfs that of the 2008 financial crisis and can only be compared to wartime.

“Interest payments on the debt remain relatively small for the time being, but we are counting on low interest rates and low inflation for many years to come if we are to keep our head above water.

“The priority right now is to keep businesses afloat and roll out the vaccine at lightning speed. Once this is over, the government must find a way of living within its means.”


Notes to editors

For media enquiries, please contact Emily Carver, Head of Media, on 07715942731 or [email protected].

IEA spokespeople are available for further comment and interview.

To read IEA report ‘A briefing on the public finances: How deep a hole are we in?’, click here.

The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems. The IEA is a registered educational charity and independent of all political parties.