Juggling With EggsJun 16

Wes #Streeting thinks he can create ‘progressive capitalism’.

If he were in power he would announce:

‘emergency laws to build #datacentres and #nuclear power generation’

Also…more drilling to go ahead in the Rosebank and Jackdaw oil and gas fields in the North Sea.

And…a national “global talent programme” with the aim of recruiting 20,000 world-leading scientists, #AI experts and engineers to the UK over the next three years.

Hmmm…how very ‘progressive’ /s

Show threadJuggling With Eggs

#Streeting goes on to state:

“Bond markets are not Bond villains and fiscal rules matter. Fiscal discipline matters because credibility is the precondition for an activist state. With debt approaching 100% of GDP, Britain has very little room for error.”

But do the Bond markets have compassion, belief in a long term green agenda or public spending that is required for infrastructure, health or education?

Or do they want to see a return on their investment within 5 years tops?

Jun 16 at 11:28amWeb
Show threadTim Ward ⭐🇪🇺🔶 #FBPEJun 16
@JugglingWithEggs Governments don't need to take any notice of the bond markets if they don't want to.
Show threadspangheroJun 16
@JugglingWithEggs Blairism will do for Labour as Thatcherism has/is doing for the Tories. An albatross around their neck.
Show threadBashStKidJun 16

@JugglingWithEggs Not that Streeting understands this stuff, he’s just on a script.

Debt is not that relevant, it goes back centuries, nobody will be paying it back in a single year, so comparison to GDP is pointless. (the ‘nearing 100%’ is a tell of bullshit)
Yes, interest has to be paid, but that’s about 2-3% of GDP, no oroblem.

Deficit, actual annual govt borrowing, is around 4-6%, again not really a problem. But it goes up if the tax take goes down, hence the ‘growth’ comments.