The 9.6 per cent gilt yield is a bug in the model
The OBR’s 9.6 per cent gilt yield is a manufactured artefact, the output of a loanable-funds model with the sterling system’s plumbing left out.
The OBR’s 9.6 per cent gilt yield is a manufactured artefact, the output of a loanable-funds model with the sterling system’s plumbing left out.