Chancellor is considering a change to Government’s borrowing rules at the Budget, which would open the door to more investment spending by the state
Moves to loosen rules that limit the amount of money the Government can borrow at next month’s Budget risk interest rates staying higher for longer and banks hitting the brakes on recent mortgage rate cuts, the Chancellor has been warned.
Rachel Reeves is considering changes to her fiscal rules – rules that govern how much she can spend and borrow – at October’s Budget.
In its manifesto earlier this year, Labour said it would follow a rule that debt must be falling as a share of the economy by the fifth year of a “forecast period,” but there are suggestions that Reeves could change the definition of debt from the one used by the previous Government.
Taxes are up, austerity cuts are everywhere, our standards of living is going down.
Where oh where is all the money going.
We are now many years post Brexit. Our golden age is or should be upon us. A Britain, strong and powerful, free of the dreadful Europeans, free to strike deals across the world. Brittannia was back.
But it was a fable, was a dream.. The big yellow bus from Europe full of tens of millions of pounds every week for the NHS never arrived. In fact our NHS got worse.
And the trade deals. Britain hasn’t struck any of them. Exports are plumetting.
And what about jobs after we got rid of Johnny Foreigner back to the EU. Something not quite right there.
But at least Scotland is awash with renewable power, and a still very worthwhile oil and gas industry. Pity our Saudi Arababian renewable power bonanza is delivering nothing to the poor Scots who now, approaching winter, will struggle to heat their houses.
Ah well, at least we can take Great Britannic pride in supporting Israel militarily with all the bobs and munitions it needs to raze Gaza, and now Lebanon to the ground.
And with a bit of more luck we will soon be openly at war with Russia showing the world that the mighty Great Britain is a power not to be messed with.
So, saddle up, union Jack underpants on, our greatest days lie ahead. Or am I missing something?