Money in people’s pockets is the key to economic recovery | Letter
David Redshaw responds to a letter on the bond markets and economic pressures afflicting the UK Neil Kinnock’s timely letter ( 9 September ) reminds us that we are not alone in suffering high gilt yields and borrowing costs. We are still feeling the fallout from Covid, and it needs mentioning that our national debt is similar to America’s and much less than Japan’s, and it never gets mentioned…
David Redshaw addresses a letter on the bond markets and the economic difficulties facing the UK. Neil Kinnock's letter from September 9th reminds us that we are not alone in experiencing high gilt yields and borrowing costs. Our national debt is comparable to America's, but far lower than Japan's, and the issue of Italy's debt is often overlooked.
Kinnock notes that policies implemented by several Conservative governments, including Brexit, have exacerbated the situation, and the root of the problem lies not in the actual debt, but in our current trajectory. This perspective is reinforced by Jamie Dimon's recent comments (from September 10th), where J.P. Morgan CEO warns against a potential tax increase on banks and their reluctance to invest.
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