pre-print the money it wants to spend now that is a fact whether it wise to do so when you want to stop it by law from doing those kinds of things that's a different matter but it can do it and if it wants to spend $300000000000.00 in supporting the economy during the cove it it will spend $300000000000.00 and it'll tell the bank of england to provide the money which is in fact what the bank of england's been doing it's been financing the whole of the kovac 19 pandemic follow expenditure you say the standard view when does it come from i mean you can. assure us all of the bank of england were called the city police city of london police and arrest the chancellor of the exact everybody and balance the books net he went to that the governor of the bank can go to the chancellor and say look you've given me an inflation target i've got to make sure that inflation doesn't

rise above 2 percent that's of the bank of england governor says now i think he says to the chancellor you're spending too much money and therefore risking that inflation is going to go 2 percent now you've given me the mandate to keep it a 2 percent therefore if you go on spending money at the rate you're doing i will shut up interest rates. and i will shove them up to any extent necessary any extent necessary to meet my inflation target and that means the money you borrow will the cost of the money you borrow chancellor will go up and up and up and in the end un be able to afford it any longer and much of it was which of course he will do despite him being an independent governor underbelly is this corruption between the so-called independence of the governor of the bank of

england chancellor issues and some people would call it cool usually between the back of the and the treasury but the banks and others to call it coordination and cooperation and and and therefore not not challenging the independence of the bank what the bank would say is a song as the government spending doesn't push us up against our inflation target we are prepared to go on financing it without a loss of independence it's only if the government spending threatens to push prices up bond the banks to loan get that the bank will then say stop. we do not want you to go on now whether the government pays any attention so that in the last resort any sovereign government can tell a bank to do what you want in the last resort and therefore to gotch extent there's never bank independence even the european central bank in the end it's the most

independent central bank there is if the council of ministers spondee said with stand up with what you're doing you've got to do this rather than that there's no way an unelected banker can you know tell the politicians go to hell well you know show him christine legarde the former i.m.f. was learning running the european central bank do you think the reason i used the word corruption is the word collusion is that the accusations are leveled the chancellor is he's an ak about corruption whether it be known domicile status he denies all wrongdoing of course why do you think he he well small businesses say attacked businesses the head of the c.b.i. saying that hacking as a whole business is that right rises in business tax and left amazon facebook the massive beneficiaries of the current a virus pandemic relatively untouched as regards tax well i think they haven't

decided on a policy a proper policy towards the big that forms and they don't have a policy this is not to be international. i mean these are global these are global things you can't just do you do small businesses they're your own they're your own concern you can do what you like with them preserve an economic historian what's that like looking as you find out that say the 20 pounds extra on universal credit for the poorest and the 20 percent of the british population is living in poverty that that 20 pounds is over come the autumn and yet those companies. we have to give them time to for an international consensus about taxation for the richest companies on a well that's that's the reality of it i mean politics is the art of the possible isn't it it was macchiavelli who said that just macchiavelli who said that but everyone said it never once known it you can it's much easier to tax small people

than to tax large people have got to have more political will more more cooperation to do it i'm not saying you should but it's just a bigger bigger bigger job and of course it's right people on universal credit should get more we did a report on that in parliament and it was intolerable were an awful lot they were doing to claimants but now they've only they have now only done the many raised it temporally. the upper limit and they should make it permanent. so yes i'm not i'm not i'm always you know the government says giving the government says it's giving in other ways it is giving to this 20 percent of the population. that are under the poverty line. what do you think also that there is 00 pounds budgeted for the effect of the pandemic come the next

fiscal year well this is a very very serious point you say. is going to go on until until september he's an hour and that says going to extra $60000000000.00 but what they're expecting is that the further money will tail off as the economy recovers so as the and the for cost is that we'll be back to where we were before i'm a by by by the middle of next year why do they think the economy's going to recover so quickly because they think there's a lot of pent up demand that there's a lot of savings that people haven't been able to spend and then as the shops and entertainment places reopen people will flock to these places with the extra spending power and that'll make the whole thing revived but if you look at it realistically i'm very skeptical about this because national income has full it's fallen by 10 percent cent in 2020 that means savings of their own you know some

people will have extra savings but what about all those whose incomes half full they're not going to have extra spending power that's an interesting way of looking at it obviously is not the way the former goldman sachs banker is she sort of looks at it i mean i have to ask the biographer of keynes what do you think john maynard keynes would have thought of the british government insinuating a thought of soviet system of firm or effectively i mean presume he knew the cambridge spies but do you think he would be amused or do you think he would have backed or do you think he would have been surprised by a response which involved the soviet ties ation of the country in the sense of. well you know there are many ways he would have he would have wanted the economy supported while there was this big downturn sure but how you support it whether you

supported by giving people. a paid holiday or an indefinite amount of time and just paying their wages whether you do it that way or whether you try and give them work you see what we've forgotten about as the old concept of public works i mean in some spin for hand when when the government spent money to spend money on keeping people in work and if they were being made on employed by their companies the government did work now and i'm in favor of a work work guarantee for people especially for young people and as we come out of cohabit i would have much preferred instead of the firm no money going on and on and on until september that some of it to tenney right was given to local authorities and and with that with the with the mandates spend it on what you need doing in your area there one of the world leading arms exporters and there's an arms credit guarantee fund and public works. kent keynesian militaristic public

works. obviously manifest in the war on yemen selling weapons to saudi arabia the building of weapons the trident obviously a multi-billion pound expansion there do you think that's the way the government to seeing your keynesian public work expansion leno i don't think so because i think that's normal we're talking about people who are being made on employed because small businesses are closing going bankrupt and or cutting down on their stuff and rather than keeping that population on 1st. i would try and provide work for them and especially young people it in it's it's not just the headline unemployed that will to be worrying about their lots and lots of people on short time work part time work there's 20101520 percent of the

population which is really only very low precarious income tell him well again the government might come back at you and say well in this week's budget there was plenty of talk of free ports and the idea of us being i don't know like. caribbean tax haven in the north sea. you don't think that could be one post bricks a future that would benefit the people you're talking about well i think i think there's a good a very very very promising the i dare say people i mean it's good. relations going to it's open to do anything for us in the next year it goes back to the enterprise zones that was started in in the thatcher periods in over 5 years of course it's a very very good at i'd add i'd add to the reports that have hong kong hong kong abroad just for people in the u.k. because lots of people. leaving leaving wanting to leave hong kong because of the

new regulations and the press regulations give him the most reports in the u.k. so i think the whole idea is good but it's not going to the problem of the collapse of an economy of 10 percent that's happened this year and he's not going to guarantee any wreckage recovery nets. thank you after the break more on a budget in a country with some of the poorest financial and medical coronavirus records in the world. by the 21st century america is exhausted it's just tired and it doesn't have anything approach that in march but china after being on the margins for so long does have something to prove and they do have the capacity and they are putting shoulder to the wheel and they are working.

during the vietnam war u.s. forces also bomb to neighboring laos it was a secret war. and for years the american people did not know. we mounted last how much it is officially heavily bombed country per capita in appalling human history millions of unexploded bombs still in danger lives in this small agricultural country. even today kids in laos full victims of bombs dropped decades ago it is the us making amends for the tragedy in laos won't help to the people need in that little land on my. arm and spears. fall. for most i'm not in the early nineties sometimes how much can

a psycho. mixologist proposed to the west but senator social experiment wanted to let paedophiles and neglected boys experiment was. to tend to believe that sex with older men would help with the boy's socialization over 30 years many children were handed paedophiles to raise. for the. midst of all the pursuit of a troop of. welcome back to this u.k. budget special let's go straight to oxford to speak to oxford university is often akin to professor danny dorling his latest book is slow down the end of the great

acceleration professor danny dorling thanks so much for coming back on the show you've written book of the book about wealth disparity who has money who doesn't richie sooner what did you make of his budget you think he deliberately wants to publish the poor or he doesn't understand your work or he sees a different world to yours. i'd be amazed if which he seemed that could ever come across my work i doubt it's recommended to him some his officials tell him that what he's doing is reducing inequalities and it's possible that he may not realize they're not telling him the truth if last year when he did the budget last year they produced a report saying oh look at the reduction be done in income inequality but to the polls they reference they've said they've been an increase so the government mislead self chanceless the exchequer repeatedly in the conservative party mislaid themselves that somehow and using the gap they're not and certainly this budget they have that the i.f.'s of come out their strongest ever criticism of any budget

is this budget over what it does even the baby say. it was very doubtful about any kinds been made this budget would in some way help poor people you case a man in the b.b.c. haven't heard of the who are some talk about an 800000000000 missed in the treasury recently i mean this is a civil service a servant or advisors who might be misinforming the chancellor if we are going to forgive him for threatening the removal of universal credit increases of 20 pounds in the autumn i think in in the treasury over time chanceless of become surrounded by a particular set of civil servants with particular set of beliefs ones that fit the conservative party so for instance a lot of money has been spent on the budget trying to prop up house prices again a new kind of help to buy the kind of prices are as possible and the certainly belief in the treasury that the higher house prices are the better business doing

so you can see they have money to spend when they want to spend it they can reduce taxes on stamp duty again to try to keep house prices i these are deliberate choices over their priorities but they can't keep 20 pounds a week extra universal credit after september. you know the civil servants all say and the cabinet secretary would say they are completely impartial they've always been impartial and forget the idea of continually encouraging the housing market and the freezing of fuel duty that environmentalist on about 3000000000 on the n.h.s. is still going to go on the long term plan and the chancellor on said criticism about fraser in n.h.s. spending would saying 40 hospitals 50000 nurses 20000 police i'm not sure that's to replace the nearly 1000. election campaign and 29 day not like we've i

think i've been hearing about these 40 hospitals where over 2 years now because they will be a bit. we don't know how big that they have a very small but 40 of all that's all it doesn't get you are all service we're spending at let's spread or gerry's for your schools is the sound. johnson used in this election let me even come up with in the soundbite letter likes to go to get it. and just very briefly on coronavirus i know you've written about the geographical spread of it and an enormous relatively low number obviously britain is the worst in europe in london as compared to areas of the countryside do you think that will continue. well hopefully we have on the state of downward slope. and hopefully this is towards the end of pandemic but it's not just the worst in europe. we are near the top of the worst in the world.

18 that for every 10000 people who were alive at the start of 2020 the death toll from the pandemic is now around the same level as the death toll from austerity in the years before the preventive which which i p p r said was 131000 people so we've had by far the worst pandemic outcome in europe and that's despite having had seen so many frail elderly people die before the pandemic began president going thank you will the morristown think government budget here in the u.k. will arguably be seen through the lens of our only darkened media joins me now from london is under paris consultant editor of one of britain's and the world's most clicked media organizations the daily mail and jury thanks for coming back on going underground as lock down special budgeted ition what did you may give people an universal credit they'll lose their 20 quid or term and i don't know if you have

shares in facebook or amazon the great news is. alleged tax dodgers. well there are less hassle using veils ass of use and i was very disappointed this chancery she soon at who is a girl had to say oh you are probably even more difficult to crash easy 1008 because when i tell you that i mean injuring us all to tell you blair about. to seize even more complicated for a prime minister do you know if the 2nd law who all several are all syria who are the enemy is not security rishi will you not see that i'm the prime minister who says coalition government united causes united this is different we cannot see the daily enemy that is heavy surf grazing lands at length he resists the army sensations or lack sassy's straightaway so personally i will go our special next year after the absence or see 3 really friends be hunky corporations

that horrify it yes on the one hand but if they have to race as hats. on the corporations crawfish rather than whacky on the a.b.c. wacky old people's even sas war v.a.c. is no mean corporation to have a profit to have and corporations businesses who have profits above $50000.00 pounds a year the messages per se is a passage of up to $250000.00 r.c.s. if you're below that you'll be ok but it will raise sensi 1000000 pounds at this task for one measure i can recall in a very long time i have a hunch i see this each year e up through sheer length she said to $23.00 which is low bad news is curse of uncivil head and ness you are expecting gross unprecedented 7 opposite that is dramatic now he's got

a dramatic arc to the. story it's actually called only all code was. or worse. 300 years so dramatically increase growth next year ok jobs back. then groups are selling 7073 and doris jones if you still believe her he says i'm the man and i'm the man woman of course even the speaker has a calm and said. here's your budget speech richest and most of it i mean in the press earlier how do you think birth jones is viewing the p.r. spin coming from number 11 downing 3 heat credit is due soon assholes he work never is in charge of massive so much use economies in such a bad place the days are not all truth. that war. is such a lawsuit disability got if he needed shots it's easier just to be successful

morris you answer yes when senescent action he prices lead the next action to see inside eat the word out badly isn't got remarried and he wants to get out into the crowd he says it will become all pseudo very quickly he. even johnson's leg through yet even johnson minority. yes i see you don't see that question in this. post and that unease on it's already happened says he's innocent mary cary much remarkably about how much power. the polls are people saying since. there's no use our theories about us. really. isn't that assay has really gained an extraordinary that he's the guy who's economic policy so yes racing corporations ask the government he's hiring who goes. well it seems

excessive. areas of the year you know we've now need a 40 percent people signed what is it or endear me there he said remain as you know i've been very quiet about that in the european union has and because it's accusing reporter for the 2nd time breaking international law over the island protocol and the border they think that some sort of getting back a brit over the vaccinations they're the ones who ought to break is an absolute lie counted in tandem. massey's maybe i slice it brussels commercial or the place like the british government lawyers or just the essential power is there anything like the mass media. and they can they. say actually whore it cold is it not drug your he commission. we well it's going to be a precedent i'm disappointed that it has a british sas because if we can i think we could or chaps more countries to invest

in britain we could come for your well our corporations have either raise us 25 percent below the average and considering it's only 5 but the trustees 30. 2 yeah only france may go higher you go and you know i may. a drunk just says he likes a drink and obviously the european commission deny completely any any kind of signs of being like the maffia back to so neck i suppose you see the magazine private eye talking about his personal links to non domiciles do you think there are personal signs that we should watch for is regarding actual corruption in a former goldman sachs executive i mean were all of these free zones that he's announcing which around the world are known for a known for corruption arguably i know you probably back these free zones but britain's ports going to be like those of. nations that are accused of smuggling

larry idea and let's try and it's. a load many of. your sort of corruption issues just because he was a very successful bank that he's married. to he's also very success you know right . just sad. money you know. we saw. all the success very very one can see exactly. what they say but as. we said you know. what private eye said about you at another time actually more than the budget the people of britain and many people around the world will be looking to this feud in the royal family you've been very mean to markell talking about the wearing

diamonds of saudi crown prince a moment when someone why you attacking meghan markle and their oprah winfrey interview when when prince andrew i think is wanted by the f.b.i. for questioning. that means and resorts to all. the f.b.i. he. wants to talk to us a suspect there's a hell of a stream. he's insaf well maxie great u.s.c. anywhere he's disappeared from. the revelation that. she really. left the palace and to say the same thing. no he's not like. this the medics people lest the sheep just couldn't make him ugliest jesus asked our warriors were glorious and here she takes

a pair of earrings worth millions in the crowd this area missy who has asked us when it shall we are loose and radio christian who don't worry now is it in the same restaurants us the way we use she will those earrings we do then 3 nice article. in slightly crabtree's salt to all did that murder was murder the forms and shots up nights in a saudi embassy and she started her start no you press it gosh they are expensive one can drop she didn't say oh yes into the office and just that she said so like laura now. it's got questions to answer as usual questions to ask about how she. does it she has it makes it look rather hypocritical and that's a perilous evil to campaign against if you take on the police taking over. ok

well sure you know where the crown jewels actually come from of the queen west go to somewhere where there are some atrocities apparently as well and the piers thank you for that there for the show we're back on monday but until then go underground with or others will meter in videos on youtube. he.

does she don't. enjoy. dealing with the things. that are equal when it's on to something what he calls this tells me. this is. the or tactics that can be used to get innocent people to confess to crimes they didn't commit i don't even think people in the us really get that the police are allowed to lie to you the person who falsely fast actually came to believe the lie that they were told about their own behavior once a false confession is taken the case is closed and nobody really can tell the difference between a good confession and one that isn't. this

hours headlines u.k. medical workers are outraged after the government offers them just a. dream holiday that turned into a nightmare you speak to a passenger of an italian cruise ship burn on board coded our break led to 3 deaths an investigation into costa cruises is ongoing. they refused to inform us that there were cases of covert aboard the ship the day it tested positive there was no suspicion that indeed there were ill people they refused to give us information. the u.s. capitol police asked the national guard to stay in washington.