as to this week's budget what do you make of it continued feeling amongst commentary does that mean that. we must understand the economics of a nation is the economics of a in a grocery shop. yeah well that's the that's the standard line isn't it i mean they're not they're not connected the purpose of the budget is to balance their concept the nation that's what the purpose of a government's budget is and therefore it is the only grace show up so to speak it alone has access to money and it can print so in that sense the government isn't a tool like a grocer's shop a grocery shop your shop has to go to a bank if it gets into debt it borrows from back it has to repay government to have to repay the government can borrow without limits technically it can simply 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 3 $100000000000.00 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 at the back of england we're call the city police city of london police and arrest the chancellor of the exchequer v. doesn't balance the books no he won't do 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 better 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 off 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 shove 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 which he will 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 there 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 zoners 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 that the bank will then say stop. we do not want you to go on now whether the government pays any attention to that in the last resort any sovereign government can tell a bank to do what you want in the last resort and therefore to bet extent there's never a bank independence even the european central bank in the end it's the most independent central bank there is if the council of ministers spawn the set which sped up with

what you're doing you've got to do this rather than that there's no way an unelected bank can you know tell the politicians go to hell well i mean you know showing christine legarde the former i.m.f. was nodding 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. 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 can 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 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 doesn't 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 up 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 once that says going to extra $60000000000.00 but what they're expecting is that the furlough 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 bye bye 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 their 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 bank originally 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 for . well you know there are many ways he would have he would have wanted the economy supported while there was this big doubt sure but how you support it whether you supported by giving people. a paid holiday or engine definite amount of time and just paying their wages well you do it that way 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 it spends 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 code 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 with the with the mandates spend it on what you need doing in your area and one of the world's leading arms exporters and there's an arms credit guarantee fund aren't public works can't keynesian militaristic public works. obviously manifest in the war on you have been 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 are seeing your keynesian public work expansion no 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 staff and rather than keeping that population on 1st. i would try and provide work for them and especially young people it in a. it's it's not just the headline on employee 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 so he will again

the government might come back at you and say well in this week's budget there was plenty of talk all 3 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 we or i mean it's good. to united not going to it's not going 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 cool shoots a very very good at i'd add i'd actually read what i'd have hong kong on call a brawl just for people in the u.k. because lots of people are leaving leaving wanting to leave hong kong because of the new regulations and the oppressive regulations give them

a give them us reports in the u.k. so i think the whole idea is good but it's not going to solve the problem of the collapse of an economy of 10 percent that's happened this year and it's not going to guarantee any rapid recovery nets 2 year olds could l.c. 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. the 21st century america is exhausted it's just tired and it doesn't have a thing a president or by. china after being on the margins. and they do have the capacity and they are putting shoulder to the whale and they are working to. bring karma.

in the early ninety's. mixologist proposed to the west but the experiment wanted to live paedophiles and neglected boys the experiment was a. good model. 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 risk of the pursuit of them through the.

welcome back to his u.k. budget special let's go straight to oxford to speak to oxford university as well from akin to professor danny dorling his latest book is slow down the end of the great acceleration professor 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 inequality 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 we've done in income inequality but to the polls they reference they've said it didn't increase so the government misleads itself 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 as it was very doubtful about any claims being made this budget would in some way help poor people new 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 civil service in thurmont 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 chancellor support comes 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 as possible and the certainty of 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 are 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 brought 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're our service we're spending it let's spread or gerry's for your tools it's a sound bite that always johnson used in this election let me even come up with a new soundbite letter likes to really 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 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 is locked down special budget edition 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 sas others just saying they are sas of use and i was a disappointment 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 money danger of us all to tell you blair about. these even more complicated for a prime minister do you know if the ceremony all several are all serious for the enemy is not security rishi will you not see that i'm the prime minister loose coalition government united causes united this is different because the daily enemy is heavy surf grazing lands of late he resists ish the all the sensations are succes straight away so personal lassies will go our special next

year after that since as he 3 will be friends be hunky corporations that horrify 'd it yes on the one hand but if they have to race as hats. on the corporations crawfish rather than wacky on the a c. wacky old people's even sas war v.a.c. is no mean corporation to have a profit to have inthe corporations businesses who have profits above $50000.00 pounds a year the messages per se is a massive 250000 now 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 you know i see this each year in our version less she said she $23.00 which is low bad news is person off and still had only nest year we're expecting gross

unprecedented seminar that is dramatic now we saw 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 grew sub-saharan $70.00 to $83.00 and laura zhang ziyi still leader of the pew research 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 riches or neck but most of it i mean in the press earlier how do you think the earth tones as viewing the p.r. spin coming from number 11 downing 3 heat credit is due soon asshole's the work never has a chance of massive so much use economies in such a bad place that the ends are not all truth. that means such

a large suv this community got it he needed jobs it's easy just to be successful boris johnson yes winston s. an action he prices leader next actually good to see inside he see the word out badly isn't got the money and he wants to get out into the crowd he says it will become also very quickly he. even johnson's my leg he think johnson minority. yes i see you don't see that question in this. post that unease on story and says he's innocent mary cary lost much remarkably about the moustache the post people say since it is no use our peter is a badass it might lead. to that see his win again soon or that he's on his economic policy to get racing corporations ask the

government he's hiring who pose. well it seems excessive can we compare it to the year you know we have now given nearly 40 percent people. would disagree and hear 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 ripple of for the 2nd time breaking international law over the island protocol and the border and you think that some sort of getting back a brit over the vaccinations there was a lot to break loose and actual i counted in tandem. massey says maybe i slice it brussels commercial or the place like the british floors or just the essential palaces to him or the massiah oh he's the owner and they can be a long serving actually whore in 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 consider for but ask corporations that either worries us 25 percent below the average and because it's only 5 b.n. but there's france's 30. 2 yeah only front may 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 mafia back to so neck i suppose you see in 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 are 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. going to be a lot many. real march to see. your source of corruption. just because he was a very successful bank that he married to be yes to also very success you know right. you know set success is just sad he. mother you know. we saw. all the success very very one can see exactly. what they say. we see you know. easy you know members of the front line can

you eat the shouting shots actually. we'll have to get back to what private eye said about you at another time actually more than the budget of 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 are attacking meghan markle and their oprah winfrey. interview when when prince andrew i think is wanted by the f.b.i. for questioning. that accidents and resorts taught him and i think he should talk to the f.b.i. he tells me. he wants to talk to us a suspect there's a hell of a sushi isa insaf. u.s.c. anywhere he disappeared from. ringback the reservation times. she really meant star who left the policy to say the same thing.

no he said knowing that this e-mail uses people the less the sheep are just an animator mark is jesus asked are warrior one who are ill and he or she takes a fairly or it's worth millions in the crowd this area or this issue has asked us when it shall we allow the. christian who did what he now sit in the same restaurant as us to wear use she wears earrings we do then 3 nice article. in slightly crown trees with salt to all did that murder was murder in the forms and shots up nights in a saudi embassy and she inserted her start knowing the presses it gosh they are expensive one agent drop she didn't say oh yes into the office and just that is it

so an order now for the 2nd for her crown prince she got questions to answer as usual questions to ask about how she. does it she has it makes you look rather hypocritical and carries a little to campaign against if you take on the police taking over. ok well are you sure you know where the crown jewels actually come from who the queen where as though the film where where there were so atrocities apparently as well and their peers. here and that's it for the show we're back on monday but until then go underground with or social media videos relieved. by the 21st century america is exhausted it's just tired and it doesn't have a thing a pro that more 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 whale and they are working.

on. kids are. not. little. does she don't consume don't jell you've been talking to her the whole jellyfish deal in the sand on the most room in that are equal to 2 inches under what equals a still snake. don't we don't see only him doing the we've got to those old moodiness is only as a suit outside us it all took to sitting on. the

headlines this crime in the future at schools ne rushes vaccine as the country's vaccination can get done by politics side to come because medical. stuff is them rice is just one percent and a dream. resulted in the deaths of. 4 must consist of a pool. tested positive there was no suspicion.