OK let's try a different approach to this, starting from a position we all seem to agree on - namely that the UK government borrowed £450bn during Covid. This was brand new money created by the Bank of England, which then lent it to the government, and the government then took it on as debt, debt which it now says is the reason taxes are so high, decent pay rises for public sector workers can't be afforded, and it's having to reign in public spending as a whole. (So for example, all those NHS workers we clapped for are being told that in real terms, they're looking at a hefty pay cut this year.)
£450bn works out to £11,000 for every adult in the country. So you, and anyone you know who's over the age of 18, had £11,000 of government debt created in their names.
So this then leads on to the next question, are you £11,000 better off than you were before Covid? Let's say there's you and a partner, and three family members or friends - are you collectively £55,000 better off than you were before Covid? Because £55,000 of debt was definitely added onto the government's books on your behalf.
And if those five people are not £55,000 better off, where did that money end up? Whose bank accounts did that £55,000 eventually end up in?
Remember we're talking specifically about newly printed government Covid money and its disbursement, in me and interlog's cases for example, we just carried on working and switched to working from home. Our employers carried on employing us and paying our wages, and we carried on doing our jobs for them, so we sit outside this equation, despite the fact that we may personally have done alright financially throughout Covid. (Same income, lower expenses and spending.)
It is true that a lot of money was saved by individuals over Covid, but this saving was generally pooled by those who were fortunate enough to pivot to working from home and maintain their full incomes, furloughed workers only received 80% of their incomes, so whilst their discretionary spending may have been lower, how many of them really had more than 20% of their wages as 'spends' every month prior to Covid.
So as the old cliché says, follow the money. £11,000 of money was printed and added to the government's debt for every adult in the UK, if you don't have that £11,000, then someone else does.
If you're an ordinary working person in the UK, you're currently burdened with the highest individual tax rates since the 1940s. The people who ultimately trousered that £450bn? They made off like bandits with it.
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