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Second, governments need not borrow from bond markets. They can borrow from the British public. They already do to the tune of well over £200 billion a year through NS&I. As I have long pointed out, that sum could be increased considerably by offering hypothecated savings opportunities in the NHS, education and the UK’s regions, plus in climate change. The City could be entirely cut out of this loop.


NS&I delivered £10.0 billion of Net Financing to the Government in 2022-23.


13 thoughts on “Sigh”

  1. Missing the point Tim

    If there was only one bank owned by the government and everyone was forced to use it. Then there would be no need for other banks.

    That’s what he means.

    Oh and do away with Premium Bonds too. Who wants their £25 a year anyway ?

  2. I wouldn’t claim to speak for the British public, since I ain’t a member of it thank Zeus. But my response to that one in the current circumstances would be you can FRO along with the horse you rode in on. I wouldn’t trust HMG with a bent corroded old ha’penny.

  3. Ottokring (As ever) has it

    It’s a very good job he is a completely hopeless speaker and can generate a row in a phone booth (or a public bar) – otherwise the parallels with a certain failed Artist in 20s Germany (especially around the Anti semitism) would be uncanny. The ‘Messiah’ complex, the inability to tolerate criticism and the personal spikiness and absolute belief in his own superior intellect and belief are all quite reminiscent.

  4. Van_Patten:

    “the parallels with a certain failed Artist in 20s Germany”.

    Yes but that artist apparently was actually quite persuasive when speaking to a crowd. As in, could hold a crowd for literally hours even before it became unwise to be seen leaving early.

    Somehow I doubt Murphy is, judging from his view statistics.

  5. @M yes, that is the point Van Patten is making. If I were Bond, I’d be asking Moneypenny if you were taking your meds.

  6. Martin Near The M25

    How would you get a return on these “NHS Injury Bonds”? Is he accidentally arguing for NHS privatisation? Though maybe they could run a lottery to skip the five year queue?

    We’re all “investing” in fecking climate change already, by force. If only we could opt out.

  7. M

    You are talking about ‘The number 1 economics blog in the U.K.’

    Apparently a Father’s Day entry from him said he has ‘no intention of stopping’ – a truly chilling prospect. I can see him drooling on A Zimmer Frame about ‘Sustainable cost accounting’ in to the next decade

  8. Why would anyone in their right mind, or wrong mind for that matter want to save in the NHS? It’s never going to turn a profit.

  9. Since the artist being referenced was actually quite open to different points of view in his earlier days, if you apply the time-line, the individual under discussion is now in his Russian tanks in the outer suburbs of the capital phase, with phantom divisions being deployed right & left. So maybe we can expect the Bunker in due course. Although I doubt the pistol in garden’s on the bill. Lacking as he does either the new bride or the dog.

  10. VP – I can see him drooling on A Zimmer Frame about ‘Sustainable cost accounting’ in to the next decade

    Thus fulfilling the prophecy that when there is no more room in Wandsworth, the dopey will shuffle the earth.

  11. I just checked and it was 97.6% of GDP for 2023, with the later quarters creeping over 100%.

    All those halfwits chuckling about how Liz Truss wrecked the economy really need to be asking why the BoE stepped in to bring down the government and panic the markets. All that bunkum about unfounded spending. Just look at the current numbers – it is all unfunded

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