Of course, the former Chancellor, whose views are always respected here, is making the correct point that there is a balance to be struck and there is risk, and the cost of Government borrowing in the gilts market is a key consideration. However, the fact is that in emergency situations, Governments have a responsibility. That is most obviously the case in war. Nobody expected that Mr. Churchill would stand up and say, "Sorry, we can't keep on fighting on the beaches because there is growing worry in the gilts market about the rising cost of ammunition." In emergency situations, Governments have to act, and although this is not war, it is an economic emergency and it requires drastic action.
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