Britain can’t borrow at these high interest rates, so we must tax the rich
The days of cheap credit that could have fuelled long-term investment have gone. Now chancellors must find a different source of revenue
So we used to have some amount of the economy that government and politics got to spend. OK.
Then came sheap credit and righteous money printing – at least at the start QE was righteous. So, poluitics got used to spending more. But the claim was that we should have a bolus, a burst, of spending because cheap credit.
But now the insistence is that that rise in spending must be permanent. And if we can’t have it by cheap credit then we must by some other means.
As the man said, nothing so permanent as a temporary government program, right?