Quote Originally Posted by Muddy Retriever View Post
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.
No need to borrow, just print it - this is how we buy houses - the money is created by the bank/building society - it does not come from the savings of the bank's customers - as long as inflation does not "ramp up' - I hate that expression - it is not an issue.