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.

27 Dec 2022 08:32 +0000 · 7 min · NeilW

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)

28 Oct 2022 08:24 +0100 · 3 min · NeilW

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.

28 Oct 2022 06:25 +0100 · 7 min · NeilW

How to fix the government's borrowing costs

The government borrows at a price of its choosing. Here’s how.

23 Oct 2022 08:12 +0100 · 2 min · NeilW

The Russian Rouble Get Out Clause

Since 2018 Russia has had an alternative payment clause in its Eurobond contracts that allows it to pay principal and interest in Roubles

18 Apr 2022 10:37 +0100 · 2 min · NeilW

The Only Bonds We Need Are Granny Bonds

There is no justification for paying public funds on government securities. Welfare payments should be democratically targetted, not market purchasable.

23 Feb 2021 17:51 +0000 · 7 min · NeilW