slovakia's prime minister rejects calls to not use russia's sputniks the vaccine as the country's vaccination campaign gets bogged down by politics. ok medical workers are outraged after the government offers them up a rise of only one percent. and the dream holiday turns nightmare we hear from a passenger who was trapped on an italian cruise ship during a culvert outbreak which resulted in the deaths of 3 people. he refused to inform us about cases appalled to show that they had tested positive there was no suspicion that what. they've refused to give us information. those are world news headlines for this hour on behalf of the r.t.

international team thanks a lot for watching and have a great day. i'm sure we're going underground for a special lockdown episode as britain one of the world's top financial services company has issued new budget plans go to see a former goldman sachs john slattery so knock they turn the show will be getting analysis rocks of universities professor danny dorling in the consult and editor of the london daily mail and drew pierce but 1st joining me now from seafood in the suffix is the biographer of towering 20th century economist john maynard keynes nord skidelsky. welcome to going underground i want to get on to what you describe as a silent revolution going on in this country about economics but as to this week's budget what do you make of it continued feeling amongst commentators certainly that

. we must understand the economics of a nation is the economics of a grocery show. 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 consul 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 bank it has to repay government to have to repay the government can borrow without limit 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 $900.00 pandemic expenditure you say the standard view when does it come from i mean you can. assure us all at the back of england were called the city police city of london police and arrest the chancellor of the exact r.v. doesn't 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 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 to 2 percent therefore if you go on spending money at the rate should 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 a bank the and the treasury but the banks and others to call it coordination and

cooperation and and and that we're not not challenging the independence of the bank what the bank would say is as long 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 bombed the banks to get that the bank would 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 it wants in the last resort and that's what you got extent there's never been 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 banker can you know tell the politicians go to hell well 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 domiciles 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 a small 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 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 they've got to have more political will more more cooperation to do it i'm not saying you shouldn't 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 no need on the them any raised it temporarily. 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 as if it's 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 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 banker 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 amounts 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 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 code i would have much preferred instead of the firm no money going on and on and on until september that some of it at any rate was given to local authorities and and with the with the with the mandates spend it on what you need doing in your area there 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 we all 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 brics 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 sleep or i mean it's good. to unites 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 add to the reports that have hong kong hong kong abroad 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 he's not going to guarantee any rapid recovery nets year olds cadel's he 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.

i am. running to. them talking to. their new single and some that are equal tony jones is my son's only consistency can manage and. don't be done certainly. this is a. terrible. welcome back to this u.k. budget special let's go straight to oxford to speak to oxford university as well from akin to professor debbie told in his latest book a slowdown the end of the great acceleration president enjoying thanks so much for coming back on the show you've written a 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 punish 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 of 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 has been an increase so the government misleads 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 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 there were some talk about an 800000000000 mist 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 there's certainly a 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 answered criticism about fraser in n.h.s. spending with saying 40 hospitals 50000 nurses 20000 police i'm not sure that's to replace the nearly 1000 people that's also laid out election campaigns ridgeline day not night wieber 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 schools is a sound bite that always johnson used in this election let me even come up with a new soundbite letter likes 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 of weight and hopefully this is towards the end of pandemic but it's not just the worst in years. 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 morris don't 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 piers 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 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 either they're less hassle you just e-mail us at use and those are you

disappointed this chance or if she says that who is who had to say oh you are probably even more difficult to crash easy 1008 because when i tell you that i mean injure me let's. seize even more complicated for a prime minister to enter with the ceremony all several are all syria who are the enemy is not security the regime will you not see that i'm the prime minister loose coalition government united causes united this is different we cannot see the daily enemy that is heavy surf yet graceful hands play he resists ish the all the sensations are succes straight away so personally i will go our nation 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 profits rather than wacky 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 inthe corporations businesses who have profits above $50000.00 pounds a year the messages per se is a passage of $250000.00 r.c.s. if you want below that you'll be ok but it will raise sensi 1000000 pounds as a task from one issue i can recall in a very long time i have a hunch you know i see this each year in our region she said she $23.00 which is low bad news is person of uncivil head and ness you are expecting gross unprecedented 7 opposite that is your magic 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 laura sessions if you still believe her he says i'm the man and i'm the man when of course even the speaker allows 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 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 place that the ends are not all truth. that means such a large city this community got if he needed shots it's easier just to be successful boris yeltsin yes winston s. an action he prices leader next action good to see inside e.c.b. were it out badly yes it got me. and he wants to get out into the crowd he says it

will become all pseudo very quickly. johnson even johnson's my leg you think johnson may know her alone. yes i see you don't see that question in this. post that uneasy and says he's innocent mary cary last musri mumbling about how much. the polls are people say since it is no use our theories about us. really. isn't that assay as in again soon or that he's the guy who's economic policy to get racing corporations ask the government he's hiring who knows pretty well it seems excessive. areas of the year you will now need the 40 percent people signed jack disagree and me there he said remain as as you know i've been

very quiet about that in the european union hasn't because it's accusing reporter 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 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 powers to him or the mass media oh he's the owner and they can be a long serving actually horrid cold is it not drug commission. president i'm disappointed that it has already she's asked because if we can i think we could or chaps more countries to invest in britain we could come to see for your well our corporations have either worries us 25 percent below the average

and considering it's only 5 but there's france's 30. 2 yeah only front being the higher you go in and 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 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. going to be

a lot of many of. your sort of corruption issues just because he was a very successful bank that he's married to be yes to. success you know right. do you accept success is just sad. when you're a mother you know. we see. all the success very very one can see me. say. we see you know. easy less popular members of the front line can you eat. us 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 has experience and you resorts to a lot of 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 stream. isa insaf. u.s.c. anywhere he's disappeared from. the revelation that. she really meant ceasar who left the palace that you say the same thing. no he said knowing that this e-mail uses these people lest the sheep are just an unmade market is jesus us our warrior woman who are ill and yet she takes

a fairly it's worth millions in the crowd this area to see who has asked us when it shall we well i use christian who don't worry now is it in the same restaurant as us where use she or is it we do then 3 nice article. in slightly crown trees with salt to all did that murder he was murdered he farms and shot up nights in a saudi embassy and she started her start knowing the press it gosh they are expensive one agent drop she didn't say oh yes into the office and just that is it so are. you certain for her crown prince she's got questions to answer as usual questions to ask about how she. does it she has it makes you 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 her the queen west so the film where where there were so atrocities apparently as well and their peers . and that's it for the show will be back on monday but until then go underground with or us social media and videos will be sure to. join me every thursday on the alex simon show and i'll be speaking to guest on the world of politics sports business i'm showbusiness i'll see you then. spring carmen's this those folks going to go. for all. different emotion. in the early ninety's.