🔥New🔥: Debt servicing costs needn’t keep the chancellor up at night📈, maybe the lack of investment💸 to thwart environmental breakdown should?

With new @ONS public finance stats out where should our priorities lie?
Me for @NEF blog👇👇👇
🧵...
https://t.co/PU9vseeYf7

Not too long ago, the state of public finances was thought to be giving chancellor @RishiSunak ​“sleepless nights”. But then it became clear that the @BankofEngland was helping bankroll the Coronavirus bill. @spencershapland @KateAndrs
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In almost a blink of an eye, it was as if the last ten years of devastating public spending cuts may have been for naught, some suggested the 'fig leaf'🍃 had been removed:
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https://t.co/2kLj7YikDz
As the penny dropped, the majority of public commentary began to show a greater appreciation for the fact that debt and deficit levels are less important than the actual cost of servicing debt.
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See here for explainer👇👇👇: https://t.co/hMl4WyAdDr
But just as it seemed the penny was beginning to drop, new excuses for low/borrowing investment were being conjured. Despite borrowing costs having reached historical lows, "deficit fetishism" turned into "inflation and interest rates" fetishism 😱😱😱...
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The new fetish means borrowing over the next 5 years is forecast to be 6% lower than in March 2021. As a result, @hmtreasury will only be deploying £25.5bn of 🌍net zero🌍 spending between 2021 – 2025, when it should be at least £30bn a year.
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https://t.co/8grpUXQzzb
A 1% increase in inflation and interest rates would increase the cost of servicing debt by £23bn. Factoring in higher projected future inflation and interest rates, the @OBR_UK forecast that debt servicing costs will rise to a total of £40 billion in 2022 and 2023.
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While these figures should not be taken lightly, and the rising costs of living is serious, there are a number of reasons why we should not rush to the panic button.
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As a proportion of the economy, debt servicing costs in 2022 and 2023 will still only be 1.6 and 1.7% of GDP and a percentage of the tax take 4.3% and 3.6%  — similar levels as 2018 – 2019 and still lower than at any time in the preceding three centuries. h/t @JoMicheII
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This suggests there is significantly more headroom for borrowing to bring the economy to full output capacity by supporting the low-carbon transition and well-paid green jobs.
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See @NEF: CALLING TIME: Replacing the fiscal rules with fiscal referees https://t.co/lKMudLOYn6
There is a separate question around whether interest rates may have to rise because of a sudden loss of investor confidence. Unlikely! In its recent £6 billion sale of green gilts, the UK Debt Management Office (DMO) received £74 billion in subscriptions h/t @billy_blog
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What if the BoE decides to raise rates? The first answer is that the Bank shouldn’t raise rates, especially not past that forecasted by the OBR – in response to a largely externally conditioned supply-side crisis and given the frail state of the UK’s economic recovery.
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Inflation not being driven by domestic pressures – like an increase in wages and is likely to be transitory. An increase in the Bank’s interest rates will not help solve global supply chain issues, or reduce any of the pain caused by labour shortages associated with Brexit.
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Instead it will translate into higher costs for families, raise costs for businesses, weaken the economic recovery. The Eurozone learned a harsh lesson by raising interest rates too soon after the 2008 global financial crisis. See @AntonioFatas
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https://t.co/pi9tglEmbd
The scenario where base rates go up beyond @OBR_UK forecast, is one where the economy is recovering, jobs and household incomes are up, and overall demand is boosted. Meaning tax receipts are going up + unemployment (other income) transfers to the private sector are falling.
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If necessary, the BoE could deploy other credit guidance tools to curb aggregate demand, or the Treasury could raise additional taxes if needed.
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See our @jryancollins recently academic published paper (not paywalled)💪💪💪 https://t.co/V1NlgBwW8F
Finally, as a forthcoming NEF @DominicCaddick working paper will illustrate, the @bankofengland could move towards a tiered reserve system, substantially reducing the government’s debt servicing cost all together.
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See @WhelanKarl: https://t.co/1lMcdrWBOC
Inflation and its implication for debt servicing costs shouldn’t be taken lightly. But for now, these issues are manageable, if not solvable. With an environmental emergency on our hands – there are other more pressing issues to keep us up at night.
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https://t.co/PU9vseeYf7

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🌺श्री गरुड़ पुराण - संक्षिप्त वर्णन🌺

हिन्दु धर्म के 18 पुराणों में से एक गरुड़ पुराण का हिन्दु धर्म में बड़ा महत्व है। गरुड़ पुराण में मृत्यु के बाद सद्गती की व्याख्या मिलती है। इस पुराण के अधिष्ठातृ देव भगवान विष्णु हैं, इसलिए ये वैष्णव पुराण है।


गरुड़ पुराण के अनुसार हमारे कर्मों का फल हमें हमारे जीवन-काल में तो मिलता ही है परंतु मृत्यु के बाद भी अच्छे बुरे कार्यों का उनके अनुसार फल मिलता है। इस कारण इस पुराण में निहित ज्ञान को प्राप्त करने के लिए घर के किसी सदस्य की मृत्यु के बाद का समय निर्धारित किया गया है...

..ताकि उस समय हम जीवन-मरण से जुड़े सभी सत्य जान सकें और मृत्यु के कारण बिछडने वाले सदस्य का दुख कम हो सके।
गरुड़ पुराण में विष्णु की भक्ति व अवतारों का विस्तार से उसी प्रकार वर्णन मिलता है जिस प्रकार भगवत पुराण में।आरम्भ में मनु से सृष्टि की उत्पत्ति,ध्रुव चरित्र की कथा मिलती है।


तदुपरांत सुर्य व चंद्र ग्रहों के मंत्र, शिव-पार्वती मंत्र,इन्द्र सम्बंधित मंत्र,सरस्वती मंत्र और नौ शक्तियों के बारे में विस्तार से बताया गया है।
इस पुराण में उन्नीस हज़ार श्लोक बताए जाते हैं और इसे दो भागों में कहा जाता है।
प्रथम भाग में विष्णुभक्ति और पूजा विधियों का उल्लेख है।

मृत्यु के उपरांत गरुड़ पुराण के श्रवण का प्रावधान है ।
पुराण के द्वितीय भाग में 'प्रेतकल्प' का विस्तार से वर्णन और नरकों में जीव के पड़ने का वृत्तांत मिलता है। मरने के बाद मनुष्य की क्या गति होती है, उसका किस प्रकार की योनियों में जन्म होता है, प्रेत योनि से मुक्ति के उपाय...

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🌿𝑻𝒉𝒆 𝒔𝒕𝒐𝒓𝒚 𝒐𝒇 𝒂 𝑺𝒕𝒂𝒓 : 𝑫𝒉𝒓𝒖𝒗𝒂 & 𝑽𝒊𝒔𝒉𝒏𝒖

Once upon a time there was a Raja named Uttānapāda born of Svayambhuva Manu,1st man on earth.He had 2 beautiful wives - Suniti & Suruchi & two sons were born of them Dhruva & Uttama respectively.
#talesofkrishna https://t.co/E85MTPkF9W


Now Suniti was the daughter of a tribal chief while Suruchi was the daughter of a rich king. Hence Suruchi was always favored the most by Raja while Suniti was ignored. But while Suniti was gentle & kind hearted by nature Suruchi was venomous inside.
#KrishnaLeela


The story is of a time when ideally the eldest son of the king becomes the heir to the throne. Hence the sinhasan of the Raja belonged to Dhruva.This is why Suruchi who was the 2nd wife nourished poison in her heart for Dhruva as she knew her son will never get the throne.


One day when Dhruva was just 5 years old he went on to sit on his father's lap. Suruchi, the jealous queen, got enraged and shoved him away from Raja as she never wanted Raja to shower Dhruva with his fatherly affection.


Dhruva protested questioning his step mother "why can't i sit on my own father's lap?" A furious Suruchi berated him saying "only God can allow him that privilege. Go ask him"