Billionaire businessman John Caudwell says Government should borrow ‘up to £1 trillion’ to build a brighter Britain post-lockdown

87
0

A philanthropist who hails from Stoke-on-Trent is urging the Government to adopt his Covid-19 economic recovery plan – to borrow up to £1 trillion to invest in Britain’s future post-lockdown.

John Caudwell, the former owner of Phones4U and founder of the Caudwell Children charity, has laid out his visionary plan to re-build the UK economy after the coronavirus outbreak.

The 67-year-old successfully lobbied the Chancellor for an extensive package of support for UK businesses at the beginning of the pandemic to protect jobs and livelihoods.

Now he is urging the Government to borrow an additional £500 billion to £1 trillion to invest in the future rather than consider any form of return to austerity.

He added that money should be invested in creating immediate short-term jobs while fostering business and enterprise that will provide long-term employment and growth.

In a series of videos on his YouTube channel, Mr Caudwell said: “Britain, like a lot of the world, is facing a huge economic crisis. The only way out of this economic crisis is to borrow huge sums of money, but those huge sums of money have to be incredibly wisely invested to create jobs and technology for the future.

“There are four major areas that I would like to see invested in. One is renewable energy and creating a renewable energy city, where we are the world’s leader in that technology.

“The second is industry in general, to attract industry into the UK of any type whatsoever. The third in infrastructural investment, which might be road, rail or definitely fiber-optic. And finally a really fantastic apprenticeship scheme that develops young people and builds up Britain’s skillbase for the future.”

John Caudwell is urging the Government to borrow between £500 billion to £1 trillion to get Britain back on track following Covid-19

He added: “The UK has two stark options. Either the dwindling and corrosive effect of continued austerity or invest heavily in the future, create jobs and create industry and make Britain really strong.

“There are an absolute unique set of circumstances why this can be done at this time; and as far as I know, never in history before could this have been done.

“Before, borrowing money would have had three negative effects. Negative effect number one was that it would spark off inflation, and that inflation could be completely out of control.

“The second reason is that it could be a real run on the currency – the British pound could devalue massively; and the final reason is that the debt serviceability now is extremely affordable because the interest rates are so low.

“So we do one of two things, we either borrow – I think probably between £500 billion or a trillion, although that’s debateable – whatever the sum needs to be to invest massively in the UK infrastructure and job creation.

“Or alternatively, we have the very corrosive austerity that would not grow jobs and actually, over a period of five or six or seven years, would end up with the Government borrowing being just as high.”


Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here