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national debtRichard Murphy
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85% Informative
The House of Lords Economic Affairs Committee published a report today .
They concluded: The Government must overhaul the existing fiscal framework to make public debt more sustainable and resilient to external shocks.
In response, Professor Richard Murphy argued that the UK does not have a national debt, but rather offers popular savings products.
He argues that the reported national debt is overstated by 1 trillion .
The UK government does not have a national debt.
Instead, it provides savings facilities for banks, pension companies, life assurancecompanies, foreign governments, and, if they wish, individuals.
The current level of so-called national debt, despite what is being claimed, is not unsustainable as the evidence from history makes clear.
The biggest threat to the so-called sustainability of the UK 's national debt is the notional resale of bonds bought by the Bank of England during the course of the quantitative easing era by that Bank .
They are doing this with the aim of supporting the high interest rates that have been artificially imposed upon the UK economy in an unnecessary attempt to tackle inflation.
VR Score
89
Informative language
92
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19
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English
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