Tuesday 24 November 2020

No mention of QE!

Two pages devoted to comment and analysis of "the full extent of the pandemic`s economic shock", and no mention of quantitative easing (Sunak refuses to rule out future tax rises and public sector pay freeze, 22/11/20). No doubt, the chancellor will also fail to mention it when delivering his spending review on Wednesday, when he explains why public sector workers, who until recently were referred to as "key workers", have to endure what is effectively a government-ordered pay cut. Presumably the British public is not expected to know about the government-owned Bank of England`s quantitative scheme which has created £350bn this year to help the government cope with the Covid crisis, and £875bn altogether since 2009. The only reason Sunak includes this as part of the national debt of over £2tn has to be to create justification for what he calls a public sector pay freeze, and what we know as the beginning of unwarranted austerity measures!

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