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Ending stealth subsidies to banks is vital — but so is scrapping our borrowing rules
When a policy that would save billions doesn’t create more spending headroom, our fiscal rules aren’t fit for purpose
By
Dominic Caddick
29 March 2024
Gordon Brown has said the UK needs to get out of its “doom loop of poverty”. In doing so, he has endorsed a proposal from us at NEF to change the way the Treasury currently subsidises the Bank of England’s interest payments to the banking sector. He’s right that the Treasury could make billions from
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