As the FT notes:
The UK chancellor aims to launch an “Osborne bond” – a 100-year debt issue or even a perpetual gilt that never matures – to take advantage of the country’s historically low interest rates.
The plan echoes similar bonds issued to finance debts after the 18th century South Sea Bubble and the first world war.
George Osborne will say in next week’s Budget that he wants to “lock in” the benefits of Britain’s low borrowing costs, which he says reflect market confidence in his fiscal plans.
As I, and others, have long argued, the government has a duty to borrow now to promote employment in the UK economy. And right now inflation adjusted interest rates on government borrowing are near enough zero, or negative, and nominal rates are astonishingly low. The UK government is the preferred borrower of choice in the markets.
In that case it would be recklessly irresponsible of the government to refuse to borrow to promote growth in the economy through a Green New Deal. Perhaps the message is sinking in to George at last. Most of the ideas I've been involved with seem to be, gradually.