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The Achilles heel in Sunak’s plan –

The best way to pay down debt is to stimulate growth, but the Chancellor does not appear to offer much that seems to support it



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The Chancellor should perhaps have begun his spending statement by thanking the Bank of England and the financial markets for their help; very little of the Governments Covid response would have been possible without the record low interest rates they provide.
Thus it is that although the Government will be borrowing close to a fifth of GDP this financial year to fund its pandemic response, the biggest such proportion since the war, the interest rate bill on this massively expanded pool of national…

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