MPs plan to make us spend decades paying the NONEXISTENT cost of Covid-19

Money, money, money: Boris Johnson ordered the Bank of England to create all of the money that has been used to pay the costs associated with Covid-19 in the UK – in the same way that governments create money all the time. There is no debt to pay because the government never borrowed anything.

MPs are trying to fool us into thinking there is a Covid-19-related debt that will need to be paid back. Be warned: they’re lying; there isn’t.

According to the BBC:

Taxpayers will bear the costs of Covid “for decades”… MPs have said.

the PAC [Public Accounts Committee] said the taxpayer would be exposed to “significant financial risks for decades to come” with the estimated cost of the government’s measures having already hit £372bn in May.

UK government debt is now over £2.2 trillion, or about 99.7% of GDP – a rate not seen since the early 1960s. In June alone, debt interest cost £8.7bn.

In one example of future Covid costs, the PAC says taxpayers could be liable for an estimated £26 billion of bad loans, out of a total £92 billion of loans guaranteed by the government.

Shocking numbers, certainly. But here’s the thing: there is no Covid-19 debt.

Here’s Richard Murphy of Tax Research UK to explain:

And here’s my short version:

Any questions?

Source: UK will be paying for Covid for decades, say MPs – BBC News

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  1. jg July 25, 2021 at 2:09 pm - Reply

    tax havens, the companies that had big bungs when there multi-nationals, the ones that can go round spending 70m on a boat first, the ones that have done well without supplying the correct gear, them first then they can start talking about that, sell of house of commons booze, up the subsidied canteens to real world prices and pay them at the same level they think everyone should get 1% or less, cutting down there holiday hours to 4 weeks plus bank holidays, oh and lords 350 a day nope 200 pounds

  2. Terry SCALES July 26, 2021 at 6:31 am - Reply

    If the Government wants to continue the lie about having to pay back the quantity easing financing of the Covid crisis then why not create a hypothecated increase to Corporation tax charged to all Companies that have shown substantial increased trading and profits resulting from benefitting from the pandemic?

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