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Government Bonds Owned By The Bank Of England Are Not A Debt Burden, Even When They re Repaid Please share this article - Go to very top of page, right hand side, for social media buttons. I received this email very recently, and share it with the author’s permission: Hi Richard, Hope you re well. After reading some of your articles and watching one of your videos, I m left with a question that I hoped you could answer. The Bank of England holds lots of government debt. What happens when the bonds they hold mature? Doesn t the treasury need to pay the bank? ....
Yves here. While I wish I had some Easter programming, a mini tutorial will do. It would have been helpful for Richard Murphy to have also deployed the usual bookkeeping T accounts, since some find those visuals to clarify the money flows, but I trust this explanation of (fiat issuer) government bonds held by central banks works on a stand-alone basis. By Richard Murphy, a chartered accountant and a political economist. He has been described by the Guardian newspaper as an “anti-poverty campaigner and tax expert”. He is Professor of Practice in International Political Economy at City University, London and Director of Tax Research UK. He is a non-executive director of Cambridge Econometrics. He is a member of the Progressive Economy Forum. Originally published at Tax Research UK ....