Published on 28th May 2025

This is the full version of the third paper in my Global Britain series on the UK’s public finances, entitled ‘‘Borrowing for investment’ – what is meant by this statement in theoretical terms’.

Labour aims to engage in an orgy of borrowing but off-the-books, just like New Labour’s ‘Private Finance Initiative’.

You can download the paper through this link.

It describes the financial templates that sit behind both New Labour’s ‘Private Finance Initiative’ (now being dusted down by Ofwat) and the EU’s InvestEU programme, and how they could be utilised for Labour’s ‘decade of national renewal’ i.e. Net Zero.

All the loan financing that is needed could be magicked away under Labour new fiscal measure – ‘Public sector net liabilities’.