Thursday, 6 August 2015

Can it Chris!

Chris never criticised when the Tories doled out 375 billion quids worth to the banks to strengthen their balance sheets.
My good friend  and fellow Bingley Grammar School student Chris Lesley is so keen to rubbish everything the People's Jeremy says that he's in danger of making Labour look like Osborne's apprentices and pale imitators.

Except on one issue, Quantitive Easing, which he's now criticising because Jeremy took it up even though Chris never criticised it when the Tories doled out 375 billion quids worth of it to sit in the banks to make their balances look better.

Watch it Chris. QE used to finance big projects in housing or infrastructure and backed by tight contracts on repayment for acquiring a public asset would be far better and less expensive than PFI contracts or the even worse PPP contract which Gordon forced on London to cost billions when the companies involved went bust.

The former  Governor of the Bank ofEngland told me it was possible to use QE to pay for big projects  if the government wanted it. Bryan Gould advocates it (cautiously) in his new book and it's clearly an idea we could use .It would stimulate the economy and boost demand. America has used it as has Japan and it would help  labour finance the enormous reconstruction job we will face. 

So why not think about it now  and work out how to do it rather than dismiss it out of hand because Jeremy suggests it.    We don't have to kill cats because Jeremy has one do we? 

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