BBC QT: Portillo gobsmacked at socialist’s extreme solution to COVID-19 economic meltdown
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Socialist author and former Greek finance minister Yanis Varoufakis claimed money should be put in the bank accounts of the British public instead of going to businesses. He said that the chain from banks to businesses is not working. It comes as the pace of the UK’s economic recovery from the COVID-19 pandemic has slowed considerably and is far below what experts had hoped for, new figures show.
Speaking to BBC Question Time, Mr Varoufakis said: “Allow me to make a point about generally supporting those who deserve it.
“The Bank of England is printing mountain ranges of money which it hopes to lend to the city of London banks so they pass it on to business, hoping the business will invest in good quality jobs.
“This chain is not working.
“I believe a leftie like myself and a Thatcherite can agree, imagine if the Bank of England were to put the money in the bank account of every citizen in the UK.
“A certain amount of money until all votes are lifted up including the artists.”
Asked whether he agrees, Michael Portillo said: “I don’t dismiss it out of hand.
“We’re all talking about how we’re going to support people and we want to support people partly so they can feed themselves and partly because it feeds money into the economy.
“I don’t dismiss it entirely.”
Gross National Product (GDP) was up by 2.1 percent during August, according to data from the Office for National Statistics (ONS).
It was the fourth consecutive month of growth, after the economy took a serious hit during the depths of the COIVD-19 pandemic.
But it is less than half of what experts had expected, and a major slowdown since July.
Analysts expected that GDP would increase by 4.6 percent according to a consensus taken by Pantheon Macroeconomics.
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In July, GDP was up by 6.4 percent, and in June it rose by 9.1 percent, according to ONS data.
The Government invested hundreds of millions of pounds to get the economy back on its feet in August, including promising to pay for half a restaurant bill during parts of the month.
It was largely this scheme, and other government initiatives, that encouraged growth across the month, said Suren Thiru, head of economics at the British Chamber of Commerce.
The accommodation and food service sectors contributed 1.25 percentage points of August’s growth in GDP.
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