Monday 24 August 2020

Two trillion pounds. And counting

UK debt now stands at £2,004,000,000,000.

And counting.

Surviving a pandemic was always going to be expensive, but we're not through that emergency yet, so this number will get much larger.

And it will have to be paid for. Somehow.

Or we could do what Governments do, leave it for our children and grandchildren to repay.

Of course, the UK started the crisis heavily in debt, made worse by a decade of failed austerity which was brought in to eliminate national debt, but the Conservatives doubled it instead.

Recovery will test, sorely, ideological right wing Government to undertake and implement left winf policies, like nationalisation and a universal wage, polices that Corbyn would have been pilloried for will be Conservative policy.

Strange days.

Meanwhile, the Government extended the ban on property renters being able to be evicted by another four weeks. The Government had had six months to prepare, but of course they left it to the last minute, leaving stressed families in limbo about where they could be living by the end of the week. And although a month is welcome, it does not solve the long term problem of how to cope with the hundreds of thousands of newly unemployed with little money and tons of debt.

Thankfully, Johnson, JRM, Gove and the rest know from personal experience what it is like to be poor and not now where the next meal is coming from, so will act with due care.

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