do you have sympathy, though, for rishi sunak in this situation? so the debt interest, £83 billion now, and for the government as well as for everybody, cash is going less far. i think we re overstating the debt interest. if you look at what the office for budget responsibility has said, it spikes this year, yes, it does, and it s a big number. but then if you look at it as a percentage of gdp, every single year of the parliament, it is below 2%, and if you compare that to the 30 year average, which is about 2.2%, we re actually at a relatively low place. so he has space. and if you look at what s happening to debt, it is decreasing at the fastest rate in the next five years than it has done for decades. things thank you so i don t buy this argument that he didn t have space and he doesn t have space. he does have space. not to even talk about the fact that the bank of england has bought up 40% of the debt. so again it feels like a political construct, because he doesn t want to act,
rail plan? running out of bits, massive investment in the nhs, massive investment in the nhs, massive investment in education? were we going to cut all that because of problem? i m getting to a point. so we took the decision to keep going. and that means, as you rightly say, mel, that the balance is now very fine stop and the cost of borrowing is. we are borrowing a large amount. the cost of borrowing is 83 billion, the cost of servicing our interest is 83 billion a year. and, as you say, that number can easily go up with interest rates. so we have to be. so can easily go up with interest rates. so we have to be. so if it came to it - rates. so we have to be. so if it came to it. would rates. so we have to be. so if it came to it. would you - rates. so we have to be. so if it came to it. .. would you look- rates. so we have to be. so if it came to it. would you look at i came to it. would you look at cuttinq came to it. would you look at cutting spending or do look to borrow cut
budget in with new measures before the budget later in the year and this is going budget later in the year and this is going to budget later in the year and this is going to be ongoing and is going to be squeeze across everything and what be squeeze across everything and what you be squeeze across everything and what you don t want to do is throw everything what you don t want to do is throw everything added right at this moment. this takes us to your paper, the ft come to your paper, the ft company think you ll be dipping into this windfall, then? think you ll be dipping into this windfall, then? rishi sunak said several times windfall, then? rishi sunak said several times in a windfall, then? rishi sunak said - several times in a statement today, the size of the interest payments were ballooned during the coronavirus crisis and selecting £50 billion and £83 billion next year. that is the equivalent of £1200 that every household the same as the budget for the home o
not feeding their kids because they can t survive any more, that would have been a huge lifeline. i don t know why he didn t do that. do you have sympathy, though, for rishi sunak in this situation? so the debt interest, £83 billion now, and for the government as well as for everybody, cash is going less far. i think we re overstating the debt interest. if you look at what the office for budget responsibility has said, it spikes this year, yes, it does, and it s a big number. but then if you look at it as a percentage of gdp, every single year of the parliament, it is below 2%, and if you compare that to the 30 year average, which is about 2.2%, we re actually at a relatively low place. so he has space. and if you look at what s happening to debt, it is decreasing at the fastest rate in the next five years than it has done for decades. so i don t buy this argument that he didn t have space and he doesn t have space. he does have space. not to even talk about the fact that the bank of
lost $83 billion worth of equipment, and the future is probably more bleak than it has ever been for those who remained there, including our allies. he cuts to the art of the issue and abdul, now in power, i love that he always leaves us with these concise points and stuff to talk about for a long time. greg: yeah, it is weird, kat, because some of the stuff when you read it it does not sound funny until it comes out of his mouth. i was reading it and i thought it sounded funny because i could imagine it coming out of his mouth, and i agree with what tyrus said, you were very yourself. the first thing you brought up was tell me how great i am. which is exactly what it is like to be around you all the time. yeah, it was it s true. congratulations on your ratings. [laughter] [applause] yeah, greg. you did it. your ratings. you did it! you through the show on your back.