What is wrong with borrowing anyway?



It seems everyone is talking about getting capital investment through ‘innovative’ methods of financing these days – although it flags up in my mind the experience of ‘funny money’ loans in the 1980s (interest rate swaps and sale and leaseback of council buildings come to mind) and the expensive disaster of the Private Finance Initiative in the last two decades.  The pressure is on because the Chancellor’s economic strategy is so obviously failing and growth is nowhere to be seen, so they are casting around desperately for new ways of financing capital that are somehow consistent with ‘Plan A’.


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