Only Fools and Trojan Horses

Support us and go ad-free

Rishi Sunak just repeated a £300bn lie in today’s budget. This video explains the government’s Del Boy economics.

What do you think the biggest porky the Tories have told during the pandemic is?

Is it that Dominic ‘Rodney’ Cummings was testing his eyes ‘up North’?

Or that all the ‘don’t ask questions’ contracts Matt ‘Del Boy’ Hancock handed out were perfectly cushty?

Maybe it’s Boris ‘during the war’ Johnson’s repeated line that the Tories have done ‘everything they could’?

But, Châteauneuf du Pape! It’s probably none of these. Because the biggest lie is that the government borrowed £300bn on behalf of the public – and that we’ll have to pay it back at some point. They’ve all been at it, repeating this lie. Not least was Andrew Marr, live on Sunday morning TV, playing it ‘nice and cool’ to the nation 

But the idea that we’ve “borrowed £300bn” is simply not true. I repeat. It is not true. Now, I could talk about how the excellent Richard Murphy broke this down. He said that the Bank of England bought some government bonds (IOUs to you and me); ones which the Treasury made, which the Bank of England then bought straight back and gave the ‘hooky’ money to the Treasury. And mange tout! That’s how the lie about borrowing works. Or, “Quantitative Easing” if you prefer.

Read on...

Support us and go ad-free

But you don’t need to know all that. What you need to know is that the Tories got their mates at the Bank of England to print a load of money, which was then funnelled into the economy.

But don’t worry either. You didn’t miss the cheque in the post for £4.5k. Because the money went straight into rich people’s savings accounts and the stock markets. No income tax, no VAT, you could say. What it also meant is that government accounts looked like they had a lot more money in them. So, it could afford to do things like ‘Eat Out To Help Out’. Yeah. Because that ended so well.

But you don’t have to be a Nobel Prize-winning economist to know why the Tories and media are pushing this “£300bn borrowing” lie. Because when you borrow something, you usually have to pay it back. So, expect more austerity incoming. And, as always, it will be those of us that can least afford it paying for the Tories’ ‘Only Fools and Horses’ economics. Lovely jubbly.

Support us and go ad-free

We know everyone is suffering under the Tories - but the Canary is a vital weapon in our fight back, and we need your support

The Canary Workers’ Co-op knows life is hard. The Tories are waging a class war against us we’re all having to fight. But like trade unions and community organising, truly independent working-class media is a vital weapon in our armoury.

The Canary doesn’t have the budget of the corporate media. In fact, our income is over 1,000 times less than the Guardian’s. What we do have is a radical agenda that disrupts power and amplifies marginalised communities. But we can only do this with our readers’ support.

So please, help us continue to spread messages of resistance and hope. Even the smallest donation would mean the world to us.

Support us
  • Show Comments
    1. For decades the tories have got away with the spurious comparison between the nation’s finances and a household budget. I’m not sure what can be done about it when the mass media peddle the same lies, either because to attempt to explain the complexities of economics is beyond them or it is not in their interests.

    2. They understand suffering, meaness for that is where the truth is found ‘philosophy’.
      Austerity is the Economics Plan in the Government’s belief system.
      It doesn’t work after 10 years, so why do they still like it?…
      Personal preferences to have an offshore account in the Cayman Islands?
      Avoid paying tax is the only way they can afford to run the country on what’s left?

    Leave a Reply

    Join the conversation

    Please read our comment moderation policy here.