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Marcus Bignot

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Maringer
July 10, 2022, 8:09am
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Quoted from Heisenberg


Paying off the furlough scheme. That’ll take a generation. COVID was hardly Boris’ fault.


The money to pay for furlough was created by Quantitative Easing and the bonds are held by the Asset Purchase Facility of the Bank of England.

Who owns the Bank of England? Erm, the UK government does.

So the BoE used QE to create the money for the government to spend on furlough (not to mention keep the economy going following the financial crisis in 200 and the government now owes the BoE (which it also owns) this money. The best bit is that the interest the government pays on the QE debt goes to pay down the national debt at the behest of the Chancellor!

Approximately a third of the national debt is owned by the APF. The government owes itself the money. We don't need to ignore it, but we don't need to worry about it, especially in the shorter term. The US is foolishly starting to unwind their QE instead of just rolling it over and renewing the bonds, but expect that to stop as soon as they realise the negative effects to the economy.
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Southwark Mariner
July 4, 2023, 12:44pm
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