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£19bn to "end austerity" - IFS


Another day and another news story where it feels like I am going mad.

According to the Institute of Fiscal Studies [IFS] the only way the Chancellor can end austerity is to borrow [yes, borrow] substantial sums or raise the tax burden to its highest level for 70 years [currently at its highest level for 40 years]

The sum to be borrowed? £19bn.

I am unsure as to whether or not the IFS understands the scale of our national debt but may I point out - as I did yesterday - that even if we were able to sell off all our assets we would still owe £2 trillion.

Thats's £2,000,000,000,000,000,000.

So if we ignore this little distraction then borrowing a paltry £19bn is verging on being almost nothing. Except of course it is so much more than nothing.

To those about to be screwed by Universal Credit it is not nothing; those who will lose their jobs, their homes and their dignity in the next crash, it is far from nothing.

Of course the Chancellor might prefer to increase taxation. He has already cancelled the national insurance cut for the self employed - those hardy folk who make the unemployment numbers look so much better. Anyone with a mortgage not on a fixed rate is already paying more and those of us who must buy car fuel will know only too well of the lack of help from government when prices continue to rise.

Good to know that we are all in this together.

The strange weather this year - warm summer - means vegetable prices must go up, of course. When do they ever come down? Strange when we are told there is a firm commitment to deal with obesity and yet it is cheaper to buy a greasy burger than buy fresh fruit and vegetables.

To some it may sound as if those who are elected to take care of us seem not to know what they are doing!

What options do we have? Accept all of this OR take steps to reduce the impact - leading eventually to greater control, security, reduced costs, securing our money - to name but a few.

HM the Queen famously asked the question during the last financial crisis, how was it we did not see it coming? Our centralised system prefers to protect us from the harsh truth! Endless BREXIT stories also help.

You need to find out how you can insulate yourself, your family and if applicable, your business.

You know what to do.

#blockchain #systemic-change #newmoney


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