Torygraph: National deficit in Britain to reach £450bn this year, or 21% of GDP? What, no “V”-shaped recovery after all, then? The pandemic is heaven not just for Big Pharma but for finance capital too. According to the Torygraph, financial markets are expecting a Bank of England rate cut later in 2021 to below 0% and “(b)anks have said such a move could force them to start charging for bank accounts.”
“Or else what?” is the question to ask.
This is debt begetting more debt. Yum yum say the banks. That’s the reason the government did a “Duke of York” with the universities, marching the students in and then marching them out again. What did that achieve? Well it achieved squillions of pounds’ worth of debt for 18-year-olds.
Moreover, when you come to think of it, “negative interest rates” may mean terribly fascinating think pieces for those few leftwingers who read the business pages, but the most salient aspect for most people may be precisely “you gotta pay now to have a current account”, plus indeed a fullblown “depositor levy” for those who still have a bit of money left. “It’s the pandemic, see.”
How long until the idea of a “recovery” bites the dust?