The number of people in the UK without work that want it
UK Sectoral Balances
Sectoral Financial Balances for the UK as a % of GDP, smoothed over a year
Eliminating the cost of the Asset Purchase Indemnity
The Asset Purchase Facility has landed HM Treasury with a ~£90 billion bill over the next two year. This paper lays out an approach that requires no further vote funding from Parliament, no additional debt interest payments, and restores “postive cash flow” from the APF for the remainder of this Parliament.
Why the Russian Oil Price Cap Won't Work
The 2020s appear to be a never-ending parade of global groupthink. The Russian Oil Price Cap is yet another stupid and self-destructive idea that should have been suffocated at birth. It cannot possibly achieve what its supporters claim, and it represents emotional value signalling from the Big Hug Club rather than any semblance of rational thought.
Whole of Government Accounts: some juicy quotes
Once intra-government transactions are eliminated, QE represents an exchange of gilts (liabilities of the National Loans Fund) for central bank reserves (liabilities of the Bank of England)
Gilt issues considered harmful
The public debt markets add less value to national prosperity than their opportunity costs. A proper cost-benefit analysis would conclude that the market should be terminated.
How to fix the government's borrowing costs
The government borrows at a price of its choosing. Here’s how.
How Much Is Government Borrowing? A Critique
My favourite BBC article has been rewritten again and more inaccuracies added. Let’s go through them.
All Government Spending Is Borrowed, Every Day
When the HM Government buys anything, all the money to pay for it is automatically borrowed from the Bank of England, interest free and without limit
HM Treasury sets the price, not The Market
Today we discuss the errors of thinking in the article: ‘Trussonomics’ has put the PM on a collision course with the Bank of England