significant the financial risks are. it s not unexpected that we would be be spending huge sums of money on an unprecedented pandemic. but there is a cost to managing that. and in the past decade, we ve seen cuts through the austerity programme because of the then government s desire to tackle some of the challenges in the public finances, and yet that s going to be very difficult if the government takes that route it could also raise taxation or it could borrow more. but all of these have risks. and every pound spent on paying interest on borrowing is not a pound that could be spent on delivering public services. so it s not a surprise that there will be a long term cost and, if you look at the second world war and the first world war, there were similar challenges then. they were the last two very big episodes in pushing taxpayer spending to very high levels. and what we are talking about here is vast amounts of money being spent at high speed, given the nature of the pandemic.
there will be a long term cost. look at the second world war and the first world war, there were similar challenges, the last two big, big, episodes in pushing government spending, taxpayer spending, to very high levels. find spending, taxpayer spending, to very hiuh levels. ., spending, taxpayer spending, to very hiuh levels. . ., spending, taxpayer spending, to very hiahlevels. . ., ., ~ high levels. and what we are talking about here is high levels. and what we are talking about here is vast high levels. and what we are talking about here is vast amounts - high levels. and what we are talking about here is vast amounts of - high levels. and what we are talking | about here is vast amounts of money being spent at high speed, given the nature of the pandemic. nature of the pandemic. absolutely. and one of the nature of the pandemic. absolutely. and one of the things nature of the pandemic. absolutely. and one of the things that nature of the pandemic. absolutely. and
of the challenges in the public finances, and yet that s going to be very difficult if the government takes that route it could also raise taxation or it could borrow more. but all of these have risks. and every pound spent on paying interest on borrowing is not a pound that could be spent on delivering public services. so it s not a surprise that there will be a long term cost and, if you look at the second world war and the first world war, there were similar challenges then. they were the last two very big episodes in pushing taxpayer spending to very high levels. and what we are talking about here is vast amounts of money being spent at high speed, given the nature of the pandemic. absolutely, and one of the things we looked at, as you highlighted in your introduction, is ppe, where at the very beginning there was a global shortage of it and everyone was bidding against each other, so very high amounts were being spent. but what our concern. obviously, it will raise concerns abou
i started by asking her how significant the financial risks are. it s not unexpected that we would be spending huge sums of money on an unprecedented pandemic, but there is a cost to managing that. and in the past decade, we ve seen cuts through the austerity programme because of the then government s desire to tackle some of the challenges in the public finances, and yet, that s going to be very difficult if the government takes that route. it could also raise taxation or it could borrow more, but all of these have risks and every pound spent on paying interest on borrowing is not a pound that can be spent on delivering public services, so it s not a surprise that there will be a long term cost. and if you look at the second world war and the first world war, there were similar challenges then. they were the last two big, very big episodes in pushing government spending, taxpayer spending to very high levels. britain s health secretary has apologised for a poor choice of word when h
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