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Mr Farage taps the banks for £35bn – as predicted on this blog.

henry tapper

Edi Truell tells me that a few weeks back, he sat next to Andrew Bailey and Nick Lyons and suggested to the Guvnor he might like to divert some of his discretionary interest payments made on the QE debt to growing the economy. Edi tells me that this was met with a rather cold response. You can read about the conversation which I wrote up here.

This topic of conversation went cold till it cropped up again in Chris Giles column in the FT where he too was nudging Mr Bailey to stop subsidising the banks and start paying the money into the real economy. I wrote about this here.

Sitting at the breakfast table watching Nigel Farage talking to Laura Kuenssberg, the topic seemed to have revived again as the cuddly Claptonite claimed he would be revealing a £35bn line of credit he’d uncovered to pay his bills. I wrote about this here

I may sound prescient, boring or both, but I did rather see Farage’s announcement this morning – coming. And frankly, so have all the other political leaders and why they let him get to this honeypot first is beyond me – but they have,

Now wouldn’t have been sensible for Mr Bailey to have pledged the money to the noble cause of renewing Britain’s economy before Mr Farage did his land grab?

Mightn’t Rachel Reeves have teemed up with Nick Lyons to get this money redirected towards Labour’s National Wealth Fund to meet the cost of our  looming demographic crisis as the former Mayor announced last month – (reported on this blog here)?

Mightn’t the Chancellor and Prime Minister seized the moment to announce that they, rather than Reform, were going to line the pockets of Britain’s mass affluent.?

It was left to the opportunistic Nigel, no stranger to this blog, once spent an evening buying me drinks to explain how Trump had changed everything. He was of course right and if our dozy politicians had a small part of his savvy, they’d never have let him near the money he has now called Reform’s own!

FT Alphaville’s Louis Ashworth is even more self-righteous than I am in claiming that the money was in Reform’s line of site all along

A no-holds-barred raid on interest of BoE reserves is absolutely ideal territory for populist policy: the numbers are stunningly big, the details stunningly boring.

But sometimes things are so blindingly obvious that everyone just sits around and does nothing about it – like the impact of rising interest rates on leverage LDI in 2022.

Then everyone sits around and explains to each other how it was obvious that Nigel was going to change the economic agenda of the election and possibly the next five years , by stealing the fruit bowl and running off with all the bananas.

Of course the worst economic discourse of all time is about to happen, but did you see it coming?

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