{"id":28845,"date":"2017-12-14T07:50:09","date_gmt":"2017-12-14T12:50:09","guid":{"rendered":"http:\/\/olduvai.ca\/?p=28845"},"modified":"2017-12-14T07:50:09","modified_gmt":"2017-12-14T12:50:09","slug":"bank-of-england-warns-the-uk-economic-collapse-if-uk-keeps-borrowing-money","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=28845","title":{"rendered":"Bank Of England Warns The UK: \u2018Economic Collapse\u2019 If UK Keeps Borrowing Money"},"content":{"rendered":"

Bank Of England Warns The UK: \u2018Economic Collapse\u2019 If UK Keeps Borrowing Money<\/a><\/h3>\n
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\"bank-of-england\"<\/p>\n

The Bank of England is putting the United Kingdom on alert.\u00a0 Should the UK keep borrowing money, there will be a \u201cVenezuela-style\u201d economic collapse that will devastate\u00a0normal citizens.<\/p>\n

A senior Bank official has warned that the UK\u2019s economy would be unlikely to survive<\/a>borrowing any more cash.\u00a0Richard Sharp, a member of the Bank\u2019s Financial Stability Committee, claimed an extra \u00a31trillion had already been borrowed since the 2008 financial crisis, and any more could see the economy collapse in the same quick manner that Venezuela\u2019s did<\/a>.<\/p>\n

\"richardsharp\"<\/p>\n

Richard Sharp, Bank of England Financial Stability Committee<\/em><\/p>\n

\u00a0The Times<\/a><\/em>\u00a0reported on the stark warning <\/a>mere days after\u00a0Philip Hammond announced a \u00a325 billion spending spree in the budget. It\u2019s likely to dissuade the Chancellor from loosening the purse strings too far though, since the Bank rarely comments on government finances. It could also come as a wake-up call for Labour (a communist party)<\/a>, which is advocating borrowing an extra \u00a3250 billion.<\/p>\n