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Re: Government & Post Election Discussion
Quote:
The Government borrowing any more money could cause the UK's economy to collapse in the same way as Venezuela's, a senior Bank of England official has warned.
Richard Sharp, a member of the Bank's Bank’s Financial Stability Committee, claimed an extra £1trillion had already been borrowed since the 2008 financial crisis.
Mr Sharp claimed that taking any more cash could see UK ending up like Venezuela, which has been thrown into turmoil by its economic crisis, The Times reported.
The stark warning comes days after Philip Hammond announced a £25 billion spending spree in the Budget.
It's likely to dissuade the Chancellor from loosening the purse strings too far, since the Bank rarely comments on Government finances.
It could also come as a wake up call for Labour, which is advocating borrowing an extra £250 billion.
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If our current borrowing during "austerity" is untennable then Labour's plans must be reckless.
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History is much like an endless waltz: The three beats of war, peace and revolution continue on forever.
However history will change with my coronation - Mariemaia Khushrenada
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