Print money, get inflation. Destroy money, get recession

Let’s try one more time with the Bank of England.

When will they admit that they created too much money and bought too many bonds, causing inflation? Senior people in the Eurozone do now accept their Central bank, the ECB made that mistake.

When will the Bank accept that selling lots of bonds  at huge losses destroys money and causes recessions if you do too much of it? They should learn from the ECB who are not selling bonds, just allowing the bond portfolio to run off as the bonds mature.

The Treasury is wrong to keep sending the Bank enormous cheques to pay for all their unacceptable losses. The Europeans and the US Treasury do not pay the losses of their Central Banks in this automatic way. If a Central Bank wants to make losses it needs to own them. If it needs money to rebuild its balance sheet it should make the case and have it debated before taxpayers pay up.


  1. Ian B
    November 9, 2023

    Sir John
    Please don’t stop, one day just one day you will reach someone preferably in this Conservative Government that understands money, the need to earn it as a Country – it is called having a thriving, resilient self-reliant economy

    1. Peter Wood
      November 9, 2023

      Yes, I too support Sir J on many issues, but on this, as before, it’s a too simplistic supposition. The BoE and Treasury stepped in to print money to AVOID a recession in 2008; the recession can was kicked down the road. The policy decision for QE was and is flawed. It then did it again in 2020. This PCP and BoE have simply made the economy weaker and the coming recession worse. A fools economic experiment.

    2. Cynic
      November 9, 2023

      The Bank of England and the Treasury don’t believe in your analysis, Sir John. You see it doesn’t agree with their Models of how the economy ought to work.

    3. Berkshire Alan
      November 9, 2023

      Agree, but at the moment John’s voice appears to be the only sensible one in the wilderness of ignorance and incompetence.

    4. Mickey Taking
      November 9, 2023

      I can’t remember that, when was it?

    5. Ed M
      November 9, 2023

      Well said.

      And this is just basic Thatcherism or basic common sense or what any successful owner of a business would say – and what Michael O’Leary said the Irish need to do – instead of all those cowboys from the past like Bertie Ahearn spending money willy-nilly – O’Leary is no Einstein – he just keeps things simple / common sense and efficient / practical in following things through which is why Ryanair so successful – and good luck to him.

      The UK (and Ireland – and other countries) needs a decent dose of practical, efficient, down-to-earth Ryanairism (and not all these lawyers and PR ‘gurus’ and journalists in Parliament with their hocus-pocus, Harry-Potter, fantasy politics)!

      1. Lynn Atkinson
        November 9, 2023

        Actually I believe Isaac Newton proved ‘monetarism’. He was astonished to be asked to do it, to him it was self-evident. It’s that simple – just as in JR’s headline.
        Newton was also asked by Halley to predict the return of his comet – he was seconds out!

        1. hefner
          November 9, 2023

          History of Science is not your forte, Lynn. Newton died in 1727, Halley in 1742 and the comet returned in 1758. It was Halley himself who from the appearances of ‘A’ comet in 1531, 1607 and 1682 had argued it was the same celestial object. And Halley predicted it would reappear sometime in late 1758 early 1759. That it reappeared on Christmas night 1758 was certainly a proof of Newtonian physics. But your ‘he was seconds out’ is simply bonkers. If any telescope at the time had been more powerful the returning comet could have been detected one day or week before.

  2. Ian B
    November 9, 2023

    It’s unbelievable that given the state of Labour and the Liberal Democrats, it is the Conservatives that face a total wipeout at the GE. Not just an 80-majority trashed but a whole party, the ‘red-wall’ the true blues all destroyed by the Conservative Party and CCHQ permitting the party in Parliament to be run by an illegitimate cabal.
    So easy to correct all the UK’s woes, just elect a real Conservative Government, one with the support of the Party and one the electorate thought they were voting for. I guess it won’t happen the Conservative Party, CCHQ have followed this Conservative Government and have gone AWOL resigned to their failure.

    1. Peter
      November 9, 2023

      Ian B,

      Too late to do anything now. Payback for May, Johnson, Sunak and all the lies and broken promises.

      The state of Labour and the Liberal Democrats is irrelevant.

      1. mickc
        November 9, 2023

        The “heir to Blair” was the beginning of the catastrophic turn the Conservative party has taken. David Davis should have been the leader.

    2. Mickey Taking
      November 9, 2023

      Who could we elect to have a real Conservative Government? I look around the runners and struggle.

      1. a-tracy
        November 9, 2023

        What and who do you consider ‘real’?

        Anyone right of centre is now called ‘far-right’. Patriotic football fans are all labelled ‘hooligans’, but you can’t call Palestinian marchers anything but ceasefire supporters.

        When MPs speak the language of right-wing bloggers, I read them panned in the press as SB has been today,. Apparently, ‘her job is in the balance’ for saying the police aren’t even-handed, I’ve read that on here repeatedly. There seems to be a game being played out on this subject, Kemi must be rubbing her hands together. People are not allowed to disagree with the so-called ‘pacifist passive’ left; they are the most intolerant, close-minded bunch of people who seem to want, everyone to agree with everything they say because they’re righteous and generous money for nothing and a free-for-all for everyone but them to pay.


    3. glen cullen
      November 9, 2023

      What ever happened to capitalism, the Tory belief that the consumer was king with competition & freedom of choice ….this country and party has lost its way

  3. Lynn Atkinson
    November 9, 2023

    Insulating the Bank from the results of its decisions guarantees it’s eccentric decisions will continue. They need a dose of reality. Nothing else will straighten their warped minds.

    1. Hope
      November 9, 2023

      + many. Same for most state bodies on fixed incomes without any consequence for poor outrageous decisions.
      Like the BBC if it has a massive income irrespective of dire left socialist output it will never change.

      1. Lynn Atkinson
        November 9, 2023

        And for all those in our country who are paid not to work, they have time and money to cause trouble. Keeping body and soul together would occupy most of them 100% of the time. Reality! Why should some be absolved from its repercussions?

  4. R.Grange
    November 9, 2023

    The BoE will admit they made a mistake about their monetary policy when the SAGE committee members admit they made a mistake about lockdowns, and Blair admits he made a mistake about WMD in Iraq.

    In a war, you can’t admit to getting things wrong, because that would be a propaganda victory for the other side. Lockdowns were a war on the public and citizens’ rights. The BoE seems to be engaged in a war on the nation state and its economic viability.

    1. Donna
      November 9, 2023

      The Establishment never admits it made a mistake … let alone that the destruction is deliberate, which it clearly is.

    2. BOF
      November 9, 2023

      Very good observation. The state v the people.

    3. Lifelogic
      November 9, 2023

      Indeed also when the MRNA vaccine regulators and government’s medical experts finally admit they they should never have given/coerced net harm Covid vaccines into young people and children’s arms. This as they were almost certain to do net harm as the health young never even needed them.

      When is the investigation into the excess deaths almost certainly caused by the vaccines going to start too?

      So Mark Sedwill apologises for suggesting ‘chicken pox parties’ for COVID immunity in early stages of pandemic.
      Lord Sedwill, who was the most senior civil servant at the start of the pandemic, said his comments were made in private – and it was not him who made them public.

      Why is he apologising? It was a perfectly sensible suggestion to float & certainly in private. For the younger people such a course of action would have given many free and far more effective (as we now know), earlier, natural vaccinations and meant far earlier herd immunity at much less cost. Basically the Barrington declaration just taken one step further. The problems was how to protect the oldies. But likely the Oldies would catch it anyway in due course. Also this might well have meant Covid evolved to safer variants even more quickly than it did.

    4. Everhopeful
      November 9, 2023

      The wrong people are in charge of everything.
      They have been allowed to take”control” and ruin the fabric of our lives by the faint-hearted. By those who know wrong from right but have no courage in their own convictions.
      That’s why crime has taken over and we have no services any more. It is why the country is crumbling before our very eyes.
      It’s why charities thugs take over public spaces and create mayhem as and when they will. Viz disgraceful firework displays. And it’s why potholes and litter and noise and dirt and fear and division threaten to sink us all.
      And let me say…one unmissable mark of the far, extreme left is that they NEVER admit they are wrong.
      They just start screaming abuse and take extremely sneaky and cruel revenge.

    5. Richard1
      November 9, 2023

      somewhat extreme language but your point is well made. In particular ‘experts’ are very reluctant to admit they were wrong. in the case of established members of the blob they will go to great lengths to corral the organs of the state and quasi-state to prevent rigorous scrutiny and to fix conclusions. It seems unfortunately that the covid inquiry is to be yet another example of this.

    6. Hope
      November 9, 2023

      I believe Sunak and Hunt have done a deal Bailey to get elected. It makes no sense that Bailey is still in post, nor his incompetent committe.

      1. Lynn Atkinson
        November 9, 2023

        To get elected as Chairman of the BOE? Who is the electorate? How can the mass of people make a value judgement on such a narrow subject?

        1. Hope
          November 10, 2023

          Truss sacked Treasury mandarin and was clear for change. Unfortunately she did not get her ducks lined up beforehand and they were out to get her before further changes.

  5. Donna
    November 9, 2023

    “The Treasury is wrong to keep sending the Bank enormous cheques to pay for their unacceptable losses.”

    Yes it is. Perhaps you should tell The First and Second Lords of the Treasury (Sunak and Hunt) so they can stop it from happening again, Sir John.

    Except we all know that is precisely why the coup was carried out …. and Sunak/Hunt were installed to ensure that the destruction would continue.

    And not one so-called Conservative MP resigned the whip.

  6. formula57
    November 9, 2023

    Since “The Treasury is wrong to keep sending the Bank enormous cheques to pay for all their unacceptable losses.” perhaps we should apply to the Court of Session for an injunction against the Chancellor?

  7. agricola
    November 9, 2023

    Until such time as we have a right of centre government we are all shouting into wind. Can we talk about something entirely different but highly relevant. The reenactment of other world conflicts on our streets thanks to unfettered immigration would be a good starter.

    1. MWB
      November 9, 2023

      You won’t get a discussion about that here. Any comments are routinely censored and never see the light of day.

    2. Diane
      November 9, 2023

      Agricola : OK. Perhaps then about the hounds being out on the hunt for Mrs Braverman’s having uttered words relating to police actions, not just during the last few weeks but probably prior to that too. My view is that what was said was more a case of observation and with a feel for public opinion on the matter. To my mind it was not an accusation. It is not everyone’s opinion quite clearly but it should be heard & not cancelled. Wording on the piece I’ve seen was: “There is a PERCEPTION that senior officers play favourites when it comes to protestors” I think some would agree with that perception. Our perceptions being based on what we can see, hear & read and on which we base our judgement, be it right or wrong, and our opinion.

  8. Denis Cooper
    November 9, 2023

    Both Darling and Osborne promised that the Treasury would make good any losses incurred by the Bank.

    “£375 billion of gilts, each one saying that the Treasury owes the Bank money, and the Treasury has promised to repay it and ensure the Bank suffers no losses.

    First by Darling on January 29th 2009:

    and then confirmed by Osborne on November 9th 2012:

    “As you are aware, my predecessor agreed that the APF be fully indemnified for all losses by the Treasury and hence any gains or losses are due to the Treasury.”


    “I am happy to reaffirm my predecessor’s commitment that any future losses incurred by the APF will be met in full by the Government.””

    But looking that up I also noticed this:

    “On previous occasions over the past seven years I pointed out that the Treasury had never asked MPs to expressly authorise any episode of QE.”

    “There was a fuss some time ago when the Lords seemed to interfering with the financial privilege of the Commons over changes to tax credits, but the Commons don’t seem to be concerned to defend their financial privilege from the government.”

  9. Sir Joe Soap
    November 9, 2023

    More interesting to explore how these crass decisions are made in the first place.
    Sometimes they’re reversed harmlessly. Look at the idiot who decided to close all rail ticket offices… often ticket machines aren’t operating. Was the idea to denude stations of staff entirely, or to engage the individual in charge to fend off angry customers who just need a ticket, legally, to travel?
    Clearly this reversal at the Bank is counterproductive, and basically has handed public money to private profit on the way up and on the way down.

    1. Mickey Taking
      November 9, 2023

      The need to save costs ought to arrive timely ( get that?) at the closing doors of the overpaid surplus train drivers.
      Reduce day time services, unload the excess drivers, strike a chord with these vindicative blood suckers. Signal the mood of the customers who are leaving the platform.

  10. Ian B
    November 9, 2023

    From the Telegraph – Sam Ashworth-Hayes
    ‘There’s a crushing political consensus that Britain’s destiny is to be poor
    Petrified of criticism, our politicians run from the idea that the economy can ever be fixed
    To listen to Andrew Bailey and Jeremy Hunt, Britain’s policymakers are up the creek without a paddle.
    While growth is anaemic, high inflation means it is “really too early” for the Governor of the Bank of England to talk about interest rate cuts next year. High spending demands, on the other hand, mean that for the Chancellor, tax cuts are “virtually impossible”.’
    Everyone see it, others just stick their fingers in their ears.
    By having an anti UK Socialist Cabal in Government – the Conservative Party has made being a Conservative a dirty word and consigned Conservatism to the history books. Who pays for this destruction – those that can’t escape the UK Taxman

  11. Lifelogic
    November 9, 2023

    Print money, get inflation. debase money, get recession, reduced tax take, increase tax rates then further repeat in a viscous doom loop!

    A great plan but even better if you add in net net zero rip off energy religion, endless misguided red tape and spend the tax receipts appallingly wastefully & even on mad things (often doing positive harm).

  12. Lifelogic
    November 9, 2023

    Allister Heath today “Extremism is thriving in Britain and our leaders have already surrendered
    So far the Government’s response to the eruption of hatred has failed to meet the scale of the problem
    Where is Rishi Sunak? Britain’s Jewish community is more fearful for its safety than at any time since the Second World War, according to the Chief Rabbi; lies, conspiracy theories, genocide denialism, blood libels and violent language are rampant at demonstrations and on social media; and what is the Prime Minister actually doing about it? The lack of leadership from No 10 is heartbreaking.”

    1. Lynn Atkinson
      November 9, 2023

      The problem is no so huge that the State can’t deal with it. The Prople are going to have to deal with it at some point. It’s existential. You can’t extend free speech and libertarian ideals to people who do not reciprocate and who are alien to these concepts.

  13. Mike Wilson
    November 9, 2023

    Am I the only one who finds this topic surreal? How does the BOE selling bonds destroy money? What is money? Who creates it? If I get more money does someone else have less? Is there a finite supply? We hear about ‘printing money’ – but who uses physical money these days?

    The government (the BOE?) prints a bit of paper called a bond. It says ‘you give me £100 for 10 years and we’ll pay you interest each year and, at the end, give you your £100 back.’ But who created the £100 that I use to buy the bond. The bank creates and issues money to me and then borrows it back from for 10 years? Sounds like a madhouse to me. Does anyone really understand – and can explain – how this stuff works.

    1. Denis Cooper
      November 9, 2023

      Money is an IOU issued by the Bank of England, while a gilt is an IOU issued by the Treasury, and as it has been practised in the UK the essence of QE, quantitative easing, is that the two branches of the state arrange to swap their respective IOU’s. Because the Treasury has bills to pay, and its creditors usually demand payment in money, not gilts or anything else, and if the Treasury is running short of money to pay its creditors it cannot create more; but it can create gilts, as many as it likes, and then do a QE swap with the Bank to get money to pay its bills. Once again this all started because the last Labour government ended up having to borrow a quarter of all the money that it was spending, and finding it increasingly difficult to borrow from private investors it resorted to borrowing from the Bank, turning the Bank into a captive investor in the Treasury’s bonds. I recently posted a long comment about this here:

      which started:

      “This all goes back to March 2009 when Alistair Daring was pretending that the Bank was buying up assets to stimulate the economy when the real purpose was to help fund the Labour government’s massive budget deficit .. “

      1. Denis Cooper
        November 9, 2023

        And we were arguing about it eight years ago …

        ““Money is an IOU of government.”

        Nope, not in the UK, now, or anywhere else in the EU as far as I know; money, currency, legal tender, is an IOU of a central bank which is legally independent of government in that respect … “

    2. formula57
      November 9, 2023

      @ Mike Wilson – you may be on to something (that economics 101 has missed). Don’t flounder in a maelstrom of surrealism (untreatable on the NHS) but give your money to me for disposal in a humane and eco-friendly fashion.

  14. Sakara Gold
    November 9, 2023

    The Home Secretary, Suella Braverman, has waded into the debate at the highest level of government concerning the pro-Palestinian march through London on Remembrance Day. Her highly inflamatory article has appalled those of any political persuasion who respect the right to protest in this country.

    Braverman has a problem with the right to protest, which hitherto has manifested against environmental protesters. She has given the police new powers to restrict and prevent protest, which the police did not want. She has insisted that the courts impose draconian prison sentences on elderly protesters. She now clearly belives that the government should be able to direct the police to “ban” protests with which she does not agree.

    A thousand years ago the Norman barons forced King John to sign the Magna Carta. Many of the provisions enshrined within this document have been repealed, but Clause 39 does remain; “No free man could be imprisoned or stripped of his rights or possessions without due process being legally applied”

    Braverman is attempting to change the provisions of “due process” without debate. She has interfered with police operational independence and given them new powers to make arrests on the street for protest. Like it or not, the Palestinians have the right to march, unless the protest turns violent.

    1. Martin in Bristol
      November 9, 2023

      Let’s hope SG your last few words turn out to be true.
      There have been three previous protest weekends.
      There are many many more protest weekends ahead.
      Perhaps a pause from these people on our one sacred weekend of remembrance could be observed.

    2. Peter
      November 9, 2023

      ‘ Like it or not, the Palestinians have the right to march, unless the protest turns violent.’

      Not if it interferes with an existing gathering or upsets others going about their business.

      Protesters have no more ‘right’ to flood the Cenotaph than Orangemen had to march up and down the Garvaghy Road to Drumcree, disturbing all the local residents.

      1. Hat man
        November 10, 2023

        I suggest you get your facts right, Peter. The pro-Palestine march is not in the area of the Cenotaph, and not on Remembrance Sunday, which will not be ‘interfered with’.

        I don’t support it, but neither do I support twisting the facts.

      2. Mickey Taking
        November 10, 2023

        well said.

  15. Bloke
    November 9, 2023

    The Bank of England way is like running a business with only one paying customer. The customer is sick, taking money from others and desperately buying doses of harmful medicine believing they are the elixirs of everlasting life.

  16. Roy Grainger
    November 9, 2023

    The Conservative government appointed Andrew Bailey at the BoE despite his long track record of dithering and inaction at the FCA. No surprise then that they got dithering and inaction over interest rates.

  17. Original Richard
    November 9, 2023

    The BoE’s policies will not be understood unless its agenda and goals are first understood. Since the time of Mark Carney, now the UN’s Special Envoy on Climate Action and Finance, the BoE’s remit, and hence most important task, is to deliver Net Zero.

    Our current PM said as Chancellor, at COP26 :
    “So our third action is to rewire the entire global financial system for Net Zero.”

    The impoverishment of a nation is key to delivering Net Zero as it leads to reduced CO2 emissions by reducing the consumption of food, heating and travel with the rationing of energy produced by expensive, unreliable and intermittent renewables.

    Once this is understood the policies and actions for the BoE become completely transparent.

  18. Bryan Harris
    November 9, 2023

    We have to accept that this is all part of the plan – It couldn’t be much clearer.

    Our economic system is being crashed, deliberately so that netzero, WEF goals and UN2130 can be fully implemented – please don’t tell us that UN2130 is some unreal wishy-washy dream, because they fully intend it to happen.

    Without some miracle, life will change for the worse, for us all – The trigger point could so easily be 2024 when the WHO takes control of our lives, or when the upcoming banking crash happens — We are living on borrowed time.

  19. gregory martin
    November 9, 2023

    This may be simplistic, but if the bonds are sold below value, that results not in a loss of value but a transfer of value to the buyer. Perhaps one should look to see who receives this transferred value and question whether this feeds back to those who agree the lower valuation, in some form.

    1. formula57
      November 9, 2023

      @ gregory martin – the bonds are sold below redemption value, the discount being a function of prevailing interest rates that are higher than the rate paid on the bond. Determination of price is therefore done not as an underhand fix between possibles mates but by the market having due regard to the ineluctable discipline of mathematics.

      The prices the buyers pay does not give them any material advantage over alternative investments they might have made at the time, having regard to liquidity and credit quality (and, for some, taxation). The losses, by contrast, are real, being crystallization of book losses (arising on mark to market valuations), fall upon the Exchequer (us taxpayers) and need not be incurred at all as the Bank being under no liquidity constraint (it is the Mint!) can easily afford to keep the bonds until maturity.

  20. majorfrustration
    November 9, 2023

    We could all do our bit by improving the net migration figures

    1. Mickey Taking
      November 9, 2023

      Well 500,000 choose to walk ( fly!) away every year for the chance of a new future. Way over 1,000,000 come here to enjoy the facilities, lifestyle, tolerance, benefits – while it lasts!

    2. formula57
      November 9, 2023

      @ ajorfrustration – if the grass were assuredly greener elsewhere I would have gone by now!

    3. Lynn Atkinson
      November 9, 2023

      You mean immigrate? Any suggestion where we could go?

  21. Ukretired123
    November 9, 2023

    Welcome to Broke, Broken Britain where common sense is not a basic requisite for high faluting Public Service.

  22. dixie
    November 9, 2023

    On the subject of facing consequences .. if the report in today’s Telegraph is correct, I suggest the UK scientists who took French citizenship to continue at ITER be stripped of UK citizenship, rights and privileges. After all they have decided to abandon the UK for their new best friends so what do we have to lose.
    Alternatively, they might consider rescinding their shiny new French citizenship and look to the new UK tokamak project and US-UK collaboration, though there would have to be some negative consequence for their lapse in judgement.

  23. Bert+Young
    November 9, 2023

    Time and time again the BoE makes terrible mistakes and causes enormous grief to every citizen of this country . It is the responsibility of the Prime Minister to decide what the economic priorities are so it s up to him to put wrongs to right . This problem has gone on far too long under Sunak’s control both now in his present role and previously as Chancellor . Is it because he is far too rich to be exposed to the outcome or is it because he cannot accept that his judgement is out of kilter ? . Either way wrongs have to be righted and the boot has an important role to play .

  24. jerry
    November 9, 2023

    More assertions, even comparing the UK with the Eurozone, a bit rich that, if UK fiscal policies are so similar to the needs of the Eurozone why did we not join the single currency, wasn’t it because Sterling and the Euro require different polices – or was it just a political bun fight, that cost the taxpayer dear?

    “If [a Central Bank] needs money to rebuild its balance sheet it should make the case and have it debated before taxpayers pay up.”

    Why, its circular money, simply moving money around HMT, unlike say the bailing out of Northern Rock back in 2007/-08, or having to provide extra money to the NHS. The BoE is State owned, it is not, and never has been, independent since it was nationalised in 1946, the Treasury & BoE are in effect two and the same [1], even after Gordon Brown gave them (nominal) independence of 1998.

    Our host is simply attempting to shift blame for government policy failings onto the BoE. When Govt. polices fail, the BoE has to try and limit the damage, when it fails the BoE gets the blame!

    [1] and became even closer after the ERM fiasco

  25. Peter D Gardner
    November 9, 2023

    Common sense, Sir John, will only get you into disfavour.
    And when will see any cuts in the Welfare State? Presumably we won’t because immigration is totally out of control.

  26. paul
    November 9, 2023

    Well as we saw, QE does nothing, it was only when the gov ask the high street BANKS to give out lager sums of money that inflation started, QE only brings interest rates lower than they should be so BANKS lend more, so holding bonds or cheque at the BOE is not printing money.

    WHY the high street BANKS now want cheque instead of bonds, that maybe because they are full up with gov bonds that are underwater and it sending them to the wall.

    The gov has already bail-in people mortgages, that means putting the interest you owe to the BANK each year goes on the back of the loan and I think if things go wrong, peoples chequeing accounts could be bail-in as well.
    BAIL- OUTS will come for companies and councils.
    The QE days seem numbered
    Have a nice day

  27. glen cullen
    November 9, 2023

    I know the BoE and OBR (and even the IMF & WEF) policy ….but in the past 13 years I still don’t know this tory governments policy (apart from net-zero – which is now economic)
    I follow politics & economic closely and I haven’t witnessed any stratgic economic policy for growth with managed reduced taxation & inflation …..Its not even ‘head in the sand’ politics, its do nothing politics and let the internation players shape our economic position

  28. Ian B
    November 9, 2023

    In a sane world the purpose of tax is to create a structure for society to thrive. It works best when everyone pays according to means.
    Then we get those that want subsidies, in other words they want the taxpayer to subsidies them. The problem then is if someone gets a subsidy someone else has to pay more to cover the shortfall. So today it seems bizarre that ‘The(London) Standard’ is upping its campaign to play with what they call the ‘Tourist Tax’ it isn’t but it makes them feel good.
    What some of the entities are wanting, is all other beleaguered taxpayers should subsidies their business of importing and paying foreign countries for ‘Tat’ that they sell to tourists – it is not UK Goods. In other words, they feel they deserve to have the Taxpayer fund their activities in sending UK money abroad, it doesn’t even get to go round. There might be a case of people here on holiday being able to get the tax paid reimbursed on UK Produced/Manufactured Goods, but only ‘just’, as even that omission still has to be paid by someone, usually someone unconnected and struggling.
    The above sums up this Conservative Government as much as anything else, they hand out UK Taxpayer money to anyone with their hand out, and never define or expect a return for those they take the money from.

  29. ChrisS
    November 9, 2023

    Suella Braverman was perfectly right to reject amendments to her article from No 10.

    The Conservative party and politics in general, have moved too far towards the liberal left and certainly The Home Secretary is more in line than the Prime Minister with the vast majority of the UK population which, last time I looked, was still white, Christian, and Anglo Saxon, the majority of whom, it should be remembered, have had family members who served in our armed forces.

    Ours are the values that should overwhelmingly hold sway, especially in the run up to Remembrance weekend.

  30. Ed M
    November 9, 2023

    Thatcherism was a great word to use during the 80’s to get rid of the overly powerful power of the trade unions etc
    But I think a better would now would be to use O’Learyism (after Michael O’Leary). Firstly, to get our budget under control. And then use a new word, after that, Jobism (after Steve Jobs). To create or make stronger a sophisticated economy based on High Tech (like Apple / Steve Jobs) as well as on The City of London (both High Tech and Financial) and more.

  31. The Prangwizard
    November 9, 2023

    All this is irrelevant, because our nation is to be dominated shortly by the recent importation of a foreign set of beliefs, aggressive, demanding and destructive, supported and encouraged by the vast majority who will never wish to adapt to the ways of the country they have entered. Part of their wish to dominate the whole world.

    This is thanks to cowards and frightening naivety throughout the present political leadership, members of parliament and party believers, and elsewhere, unable and unwilling to consider what is happening and challenge it. Those few who do are punished by their own people.

  32. Keith from Leeds
    November 9, 2023

    When you have by-elections & lose seats with 20,000 plus majorities, not once but several times, it is a good idea to think about what you are doing & the effect it is having on the economy & the people. Until someone twigs, we need to control and cut government spending to make room for tax cuts, we are going nowhere fast!
    How thick are Sunak and Hunt that they can’t see this simple truth?
    Until people in Government, the Civil Service, the BOE and the OBR are sacked for incompetence, what incentive is there to improve their performance and follow policies that actually benefit the UK?

  33. Ed M
    November 9, 2023

    Suella Braverman should get a job in EastEnders.

    1. Mickey Taking
      November 9, 2023

      or chairing Question Time.

  34. Lindsay+McDougall
    November 9, 2023

    The current Governor of the BoE is deliberately creating a recession. The rise in base rate to 5.25% was overkill. He should be sacked and base rate should be reduced to 5%, with more to follow. The aim should be 5% inflation this year, 4% next year, 3% the year after etc, down to 0%, where it should be held indefinitely. There is no evidence that 2% inflation is better than 0% inflation.

  35. StephenS
    November 9, 2023

    There won’t be any such admission whilst the current Governor is in situ. If I were Chancellor I’d shoot their fox by raising the inflation target to 4%

  36. Stephen Reay
    November 9, 2023

    Printing money went on far to long after the global financial crash. If the government wanted to stop it they could have. The BoE works for the Government full stop. They’ve created this problem all by themselves and need to own it. This government will put nasty polices in place before Labour takes over to make it difficult for them and population of Great Britain.

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