Question Time - Why Starmer, Reeves & The British Establishment Economic Narrative Is Wrong

Currency Issuing Governments like UK
Westminster create money, NOT Devolved
Governments like Scotland, NI or Wales

"Is the removal of the winter fuel allowance the beginning of austerity 2.0?"

Mariana Mazzucato,
"If this is being done to reduce the £20 billion black hole that the Labour government inherited — A lot of that was about incompetence — It wasn't spent on infrastructure"

"Coming in saying we need to reduce that hole, my view is that that hole only becomes bigger. Why?"

"Because the cost of inaction is greater than the cost of action"

"If you're cutting WFA, that makes people not receiving it, if they end up sick, and in hospital, there's a cost"

"Any sort of modeling has to take a long run view"

"Almost every time there is a cut, it looks like a saving, but in so many instances we see that ends up costing the economy much more, because of what it does to the social fabric and the health and well being of people"

Fiona Bruce,
"Presumably you've got to find the money up front to do that?"

Mariana Mazzucato,
"No, governments aren't households. Governments always create money"

"If you spend on anything that expands the productive capacity of the economy, and health and wellbeing of people, ultimately that will also increase productivity and growth"

19 September 2024

#BBCQT #WinterFuelAllowance #BlackHole