{"id":51772,"date":"2020-07-24T07:28:38","date_gmt":"2020-07-24T06:28:38","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=51772"},"modified":"2020-07-24T07:30:16","modified_gmt":"2020-07-24T06:30:16","slug":"why-is-the-government-going-to-leave-millions-of-people-unemployed-in-a-bizarre-effort-to-repay-the-money-people-would-really-rather-leave-in-its-safe-keeping","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2020\/07\/24\/why-is-the-government-going-to-leave-millions-of-people-unemployed-in-a-bizarre-effort-to-repay-the-money-people-would-really-rather-leave-in-its-safe-keeping\/","title":{"rendered":"Why is the government going to leave millions of people unemployed in a bizarre effort to repay the money people would really rather leave in its safe-keeping?"},"content":{"rendered":"<p>I posted this on Twitter:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Net of QE the gov\u2019t might borrow \u00a370bn from those who want to save with it this year. Every year \u00a370bn also goes into ISAs. We don\u2019t think that threatens the viability of banks or building societies so why is it claimed that people saving with the gov\u2019t threaten its finances?<\/p>\n<p>&mdash; Richard Murphy (@RichardJMurphy) <a href=\"https:\/\/twitter.com\/RichardJMurphy\/status\/1285836356002996224?ref_src=twsrc%5Etfw\">July 22, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>I make the point for good reason, of course.<\/p>\n<p>ISA savings do not threaten the viability of banks and building societies.<\/p>\n<p>Nor do people saving with the government by buying its bonds threaten the government\u2019s financial viability.<\/p>\n<p>But we call people saving with the government \u2018borrowing\u2019, and as a result the government is now planning to keep millions of people unemployed in what will be a forlorn attempt to repay the deposits of those people who would really much rather leave their money in its safe custody.<\/p>\n<p>So what is this bizarre logic?<\/p>\n<p>And why do we have to suffer it?<\/p>\n<p>This <a href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2020\/07\/24\/why-we-need-a-national-debt-a-video-explanation\/\">morning's video<\/a> addresses some o these issues.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I posted this on Twitter: Net of QE the gov\u2019t might borrow \u00a370bn from those who want to save with it this year. Every year<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2020\/07\/24\/why-is-the-government-going-to-leave-millions-of-people-unemployed-in-a-bizarre-effort-to-repay-the-money-people-would-really-rather-leave-in-its-safe-keeping\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,106],"tags":[],"class_list":["post-51772","post","type-post","status-publish","format-standard","hentry","category-economics","category-politics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/51772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=51772"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/51772\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=51772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=51772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=51772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}