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“With a little help from the Bank of England, the Government continued to shake the magic money tree in November with a further £31.6bn in borrowing over the month, the third highest borrowing in any month since records began in 1993. The debt to GDP ratio now stands at 99.5% of GDP, a level not seen since Harold Macmillan occupied Downing Street in 1962.


“The borrowing looks disastrous, but there is simply no credible alternative to splashing the cash while the government attempts to pull the economy from its Covid-induced slumber. In reality, the pandemic overrides everything else and the Government will throw caution to the wind by fighting it now, and paying back later, made possible by the sponsorship of the Bank of England.”


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