Patrick Harvie’s Scottish Green Party may find cause for celebration over declinism, as it is called, because Greens opposes economic growth on moral grounds. UK debt has more than tripled in that period, as a proportion of GDP, from 32% to 102% today. The ex-Chancellor Rishi Sunak borrowed another £350 billion during Covid leaving the UK debt pile at a record £2.4 trillion. Indeed, when Gordon Brown was Chancellor in 2006, UK debt was £0.5tn. Yet as the national debt figures show, it is the Tories who have been conducting a practical experiment in MMT.

Source: The Herald August 07, 2022 18:46 UTC