Re: Marx would be proud
Issuing bonds isn't quite the same as printing money. Because they have to be paid back.
Yes but where it becomes the magic money tree is that they simply print new bonds to pay back the old. Think about it - when did any labour government ever leave the power with more money than when it came to power? The answer is never. Labour governments end when they bankrupt the country - they literally all have.
Something they can't afford on day one is only going to be affordable on their last day if they've completely trashed its utility.
However doing QE and having the bonds directly bought from government by the Bank of England is directly printing money - and they also plan to do that.
The problem is that the interest payments on the debt the last labour government ran up now cost more than national defence. We literally can't afford another one because we're still paying for the last one.