and if you i m paraphrasing but if you build up mountains of sovereign debt, that doesn t seem to concern you. so first of all, it does concern me, and it s precisely because it does that i wrote the book. because the problem is, if the state sees its role as just fixing market failures and every now and then, during the pandemic or during a war, just throws a lot of money into the system, right, without actually structuring the organisation of the state in such a way that we have what i call mission oriented institutions, then actually, interestingly, that s what causes inflation. you don t get inflation, for example, with public investment as long as you re expanding the productive capacity of the system. if instead, you re just kind of putting helicopter money into the system as we did, by the way, after the financial crisis, where trillions were poured in most of that
together to meet them, i get it all. but you re an economist, and you do seem to be abandoning some, what i would have regarded as fairly fundamental economic principles. you seem to be saying, it doesn t matter how much money the state throws at these problems, it should just throw everything at these problems. what matters, you say, is the outcome, not how you get there. and if you i m paraphrasing but if you build up mountains of sovereign debt, that doesn t seem to concern you. so first of all, it does concern me, and it s precisely because it does that i wrote the book. because the problem is, if the state sees its role as just fixing market failures and every now and then, during the pandemic or during a war, just throws a lot of money into the system, right, without actually structuring the organisation of the state in such a way that we have what i call mission oriented institutions, then actually, interestingly, that s what causes inflation. you don t get inflation, for
what is clear is that there are record breaking prices at the moment having an impact on the industry. there are processes in place so that if anyone ends up impacted by this, their supplierfails or if anyone ends up impacted by this, their supplier fails or indeed they are struggling to pay their energy bill there is support in place for customers but also the government is looking to see what it can do to help the mechanisms in event of any market failures. if you go to the energy uk website. i were looking at the high price of gas, the energy suppliers came up with additional as well as those of eddie obligated to provide for energy customers. get their website they can go to consumer groups in the first thing to phone your supplier so if you re worried about paying your bill you should just get on the phone to your supplier. should just get on the phone to your supplier. robert buckley is an energy analyst at cornwall insight told us what s driving the increase in global prices.
prescribe the solution before we are sure where the problems are. we have regulated mechanisms in the event of market failures. this is about what additional targeted support we need and we should know more about that after the next few days and the conversations between industry and government. we have a range of options for solutions on the table. travel companies say that holiday bookings have surged, since yesterday s announcement, that foreign travel rules are being relaxed in england. the travel traffic light system is being replaced with a single red list . fully vaccinated people will no longer need a pre departure test before returning from non red list countries. professor lawrence young is from the university of warwick. he says the new testing regime raises concerns about how new variants will be detected, with the new requirement for fewer tests. the idea here is, if you have, after returning from abroad, after two