Tag Archives: government borrowing

21 July 2020 – today’s press releases

  • Pay rises without cash mean more cuts to schools and the police – Davey
  • Government must be clear higher debt won’t mean cuts to vital public services
  • Delyn MP must end ‘saga of scandals’
  • PM must announce a full investigation into potential Russian interference of our democracy
  • Braverman must apologise for endorsing Cummings

Pay rises without cash mean more cuts to schools and the police – Davey

Responding to reports that nearly 900,000 public sector workers will receive a pay rise out of existing departmental budgets, Liberal Democrat Acting Leader Ed Davey said:

Accepting the independent review body’s pay recommendations was the very least the Chancellor could do. Yet, as overall budgets remain unchanged, the reality is our schools, police and wider public services will struggle to meet this award without significant cuts elsewhere in their budgets, including redundancies.

And utterly failing to recognise the outstanding effort of social care staff during the COVID-19 crisis is simply not acceptable. Councils and the wider care sector must be properly funded.

Since the early days of this pandemic, Liberal Democrats have been the first to argue for a better deal for NHS and care staff, yet Ministers seem to think that warm words and hand claps are sufficient. Boris Johnson should be ashamed for neglecting NHS and care staff again.

Government must be clear higher debt won’t mean cuts to vital public services

Responding to ONS statistics showing that Government borrowing for June was £35.5 billion – around five times more than the same month last year – Acting Leader of the Liberal Democrats Ed Davey said:

In an unprecedented economic challenge like the coronavirus pandemic people must come before the numbers. Any Chancellor should go beyond normal borrowing to help protect peoples’ health and livelihoods.

What the Government must now make clear is that, after Covid, higher debt will not and must not mean cuts to vital public services or less investment for our crumbling infrastructure – especially in the parts of the UK that need it most.

Liberal Democrats stand firm that we must grow our way out of this crisis with a Green Recovery Plan that will invest billions to transform our economy, fight climate change and create millions of good-quality jobs.

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Daily View 2×2: 21 May 2020

2 big stories

One of the interesting aspects of the Coronavirus crisis is how government, and in particular the Civil Service, has coped with the disruption and the demands placed upon it. At the centre of that is HM Revenue & Customs, who have, from a standing start, have processed one million applications under the Job Retention Scheme, protecting approximately 7.5 million jobs, and more than two million applications under the Self-Employed Income Support Scheme, with well north of £10 billion claimed. And all that with the majority of their staff working from home.

Its American counterpart, the Internal Revenue Service, is …

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Opinion: Why aren’t we borrowing more?

At the moment the yield on the UK’s five year government gilts is 1.65%. What this means in plain English is that if our government wanted to borrow £1,000 it would have to pay back £1,083 in five years.

In contrast, if you or I or a business went to the bank and ask to borrow the same amount for five years we’d be looking at paying back well over £1,500 by the end of the loan.

What this tells us is that our government can borrow money very, very cheaply. It can borrow it at less than the rate of …

Posted in Op-eds | Also tagged | 22 Comments
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