Magic Money Tree
The Prime Minister says that there is no such thing as a 'magic money tree'.
Yet there is a orchard of them in the City of London, open only to bankers. It is called Quantitative Easing, enabling bankers to pick the bounteous harvest of £350 billion that the government gave them after the financial crash in 2018. What if we - the people - had that sort of sum of money? We could create a fabulous system of food and farming - healthy for us and the planet. More on the two Magic Money Trees - the state and the banks.
Many financiers had predicted a financial crisis in event of vote to Brexit. This was labelled 'project fear', and did not really transpire, despite fall in pound against the dollar of around 10% in immediate aftermath. Brexiteers are quoting this against similar forecasts as we head for actual withdrawal from the EU.
However, this resilience - according to the Financial Times was due in part to Bank of England's Monetary Policy Committee, who predicting growth would grind to a halt, "voted to cut interest rates by a quarter point to 0.25 per cent, to restart quantitative easing, pumping an additional £70bn into the economy, and to provide additional support for banks (possible further £100b so they could offer cheap credit to households and businesses."