We’re now paying the price for decades of Treasury and Bank of England excess
Matthew Lesh quoted in City AM and The Telegraph
Christopher Snowdon writes in The Mail
“some people, far from being concerned about our ballooning national debt, took the opportunity to claim that the gargantuan sum proved that successive UK governments had been miserly to borrow so little after the financial crash of 2008, and to inflict ‘austerity’ instead.
That was — and is — nonsense. We borrowed more than £700 billion between 2010 and 2019. And UK governments had, in fact, been spending more than they took in taxes every single year for two decades, borrowing a total of £1.4 trillion since 2001.”
Turning his criticism to monetary policymakers, Christopher said:
“Central bankers had convinced themselves that inflation was a thing of the past, and since they saw interest rates as nothing more than a tool to control prices, the days of high interest rates were also thought to be over.”
The full article can be read here.