How much have we paid? Any figure will be an estimate but there’s an easy way to guess. In the years 1998 to March 2008 the Labour Government borrowed a total of £186bn to keep the government and economy going. They prevented a recession after the dot.com crash of 2000 by doing so. In the ten years from April 2008 to March 2018 the government borrowed £990 billion – or more than five times as much. That almost certainly would not have happened without the crash. It’s a very crude measure but the difference – or about £800 billion is one way of estimating the cost of the crash. Roughly speaking that’s £25,000 a household.
No, that’s not the way to do it. Especially for someone who insists that QE will never be unwound and therefore doesn’t exist….
In the meantime public spending has been slashed.
That’s not actually true. I mean, the man can add up can’t he? Number of pounds being spent is higher or lower than then?