Coronavirus

[Muddy Retriever]

It is amazing how much money has appeared recently - the magic money tree does exist - austerity was a choice not a necessity. And badges to recognise the NHS's efforts - try paying bankers with badges.

The money is being borrowed, it is not some reserve that is being drawn on. The OBR estimates that the deficit for the 2020/21 financial year will be £270 billion or 14% of GDP. Government's take such steps in times of grave national crisis like war or in this case, a pandemic.

How is this is going to be paid back? The private sector is being decimated, so will not be able to stump up the cash. So if Government income is reduced, then expenditure will have to do likewise. The austerity we have faced in the last ten years will seem like a walk in the park compared to what will have to come.