A major purpose of a Central Bank is to stabilise the economy. When the economy is going too slow, borrow to speed it up. When it overheats, tax to slow it. That tax recoups the borrowed money.

For too long govt has cut taxes in good times, as if bad times never happen. https://twitter.com/JamesCleverly/status/1322120211785568256

Not their fault a pandemic happened, but they're a bunch of politicians defined by their response to the 2007 crisis, and act like nobody told them crises could happen.

The UK has had a major recession pretty much once a decade for a century. In that time, there have also been 2 global crashes, 2 global pandemics, and 2 global wars.

These people are meant to learn this shit. Half of them studied Politics and Economics.

They're idiots.

And this carbage Cleverly is churning out ... he just wants you to think state finances work the same as domestic finances. They absolutely don't.

If he doesn't know that he's in the wrong job. If he does, he's in the wrong job too.

Tiresome crap.

I'm aware Central banks don't alter taxes. The organs of state - govt, central banks, treasury - coordinate to maintain stability. Or should.

Large-scale state debt is a vital part of that, NOT a failure. It's only a failure when the govt doesn't recoup it in good times.

This is not unique to Tories. But Tories entered fovt after the 2007 crash promising fiscal responsibility. Fine. Good.

But it *is* responsible to borrow in a crisis, if you run a generally huge economy that can repay it. And especially if bonds are at practically 0% interest.