Louise Haigh is arguing that the UK should have refinaced all its debt when interest rates were low. This could not have happened. Gilts are not callable, so they could not be called in. Except Consols, which were. So Osborne did call in Consols at par. To refinance with standard gilts. Which will, when they mature be at whatever then interest rates are.
So, what the country actually did was call in 2% (2.75%?) permanent debt to replace with what will next time around be 4 or 5% debt. The actual action taken was wholly the opposite of refinancing the national ebt at lovely low interest rates.
Super, eh?
George Osborne was too clever by half – an utterly useless cunt who thought he was a genius. Him and that other useless cunt Cameron have a lot to answer for. Preferably involving lions and fire.
Pretty sure she’s arguing that they should have passed a law to make gilts callable.
Of course, she wouldn’t have any idea that this would affect their price, or interest in new ones.
War Loan was callable and yet, after it was called, know-nothings – journalists, leftwing politicians and the like – tried to present events as a default. Repeatedly. People still do.