>>>>>>>>My point is simple – we’re going to pay, it’s only a question how and on what and how fast. I would prefer to go back to what it was and work towards building smart cities and imporve commute options rather than have this instant economic bombshell affecting millions. But we have what we have so let’s give a thought to those who have lost everything and cannot just “learn to code”.
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>>>>>>>Interesting how the uk economy is one of the bigger hit by this . Because its so service based . Countries that actually make stuff doing better than us.
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>>>>>>You draw this conclusion with no evidence.
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>>>>>>>But lets keep it in perspective the economy is down 20% so 80&% is still running. So its going to be hard and I think talking tax rises and paying off debt now is ridiculous but we can survive.
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>>>>>>You have no choice but to raise taxes and massively.
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>>>>>>>And as others have pointed out theres a work revolution steaming down the tracks anyway.
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>>>>>>For some. Not for many. And the loss in rates and taxes is going to be epic. Enjoy your new work revolution while we get the biggest tax increases in generations AND/OR enjoy the devaluation of your money due to printing press marathons.
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>>>>>borrowing is cheap so borrow. its a crisis so take a crisis measure.
>>>>
>>>>No, borrowing is easy but defintely not cheap. Your statement shows a lack of understanding of where money comes from. You can borrow as much as you want easily. The question is; who will pay what was borrowed and how will they pay it? The "who" would be you and your children and maybe your grandchildren. The "how" will be in taxes and reduced pensions and increased rates, etc. Enjoy.
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>>>I've got a very good understanding of money thanks. You obviously don't.
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>>Apologies for sounding condescending - I should not have said that. To stay on topic; in respect of "borrowing is cheap" - are you saying that when government borrows money that this can be done cheaply as in low or no consequences to society or the value of the currency?
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>Ok I was annoyed LOL
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>Interest rates are historically on the ground so for governments to borrow is cheap. They should borrow because they need to invest in building for the future. Same way if I want to extend my house I have a choice. Save up the money and probably never do it or borrow against the house in the expectation my extension will improve its value.
>Also all countries are more or less in the same boat so UK wouldnt necessarily get a worse deal than another country borrowing.

Everything you say is true ... for you as a homeowner, a responsible borrower. But governments are not responsible and the level of borrowing is off all known charts. The debts cannot be repaid. Which means they either inflate the debt away by printing/creating more fiat currency (bad for society), or they default (bad for society). The US dollar, for example, has already lost 93% of its purchasing power in the last 100 years and lost 33% just since 2000. A similar fall will have occurred for the UK£. Borrrowing is easy but I dont think cheap in the longer term. Sooner or later the chickens will come home.