12MAR20: THE BUDGET

HMG is making one enormous bet that public debt can be used to generate a financial return, partly by sparking private investment and partly by turning the UK into the world’s science lab. With the Tories at 50% in the polls, they might well be in office long enough to cash in on that gamble. But there’s an irony, too: at the same time as it goes to the debt markets, HMG is reining in Local Authorities’ ability to fund commercial investments with borrowing, for fear of losses exceeding returns.

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