New research, published today by the Progressive Economy Forum, shows that the widely- reported £50bn “hole” in the public finances, is the result of government accountancy rules and highly uncertain forecasts, not tax or spending decisions. Using official forecasts from the Office for Budget Responsibility, economists Dr Jo Michell and Dr Rob Calvert Jump show […]
The Dangerous Fiction of the “Fiscal Black Hole” Read More »
Since QE was introduced in 2009, it has saved the government over £110bn in interest payments. This is a non-trivial sum, equivalent to nearly 2% of total tax revenue since QE started. For comparison, total NHS spending in 2019/20 was about £150bn. Without QE, the national debt would be at least 5% higher. The effect
Without Quantitative Easing the national debt would be more than £100bn higher Read More »
“The financial and legal barriers to an ambitiously sized British NIB are not as challenging as might have been thought. Given this, whatever happens in regard to Brexit, it would seem the time is right to create such an institution to support British industry and help create a more investment-led growth model.”
Financial and legal barriers to the creation and operation of a National Investment Bank Read More »
