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There is no such thing as taxpayers’ money
Manage episode 431760283 series 3475482
It’s an economic truth that every time a government spends it creates new money to do so. It does not spend what is commonly called ‘taxpayers’ money. Nor does it spend funds borrowed from the City. It simply asks the Bank of England to make a payment – and that’s what that Bank does, extending an overdraft to the government to let it do so.
141 Episoden
Manage episode 431760283 series 3475482
It’s an economic truth that every time a government spends it creates new money to do so. It does not spend what is commonly called ‘taxpayers’ money. Nor does it spend funds borrowed from the City. It simply asks the Bank of England to make a payment – and that’s what that Bank does, extending an overdraft to the government to let it do so.
141 Episoden
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