Lord King of Lothbury said there “isn’t enough money there amongst the rich to get it back” when it comes to meeting the “strong case” for extra spending in certain areas to help recover from the lockdown.
He added there is also a need for politicians to “front up” and explain the consequences of soaring inflation, the reduction on living standards caused by confronting Russia’s invasion of Ukraine, and helping future generations cope with the increased national debt.
Asked if this will feel similar to the recent era of austerity instigated by former Conservative chancellor George Osborne, Lord King replied: “In some ways it could be more difficult.”
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