• Privacy policy
  • T&C’s
  • About Us
    • FAQ
  • Contact us
  • Guest Content
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
    • Lottery Results
      • Lotto
      • Set For Life
      • Thunderball
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
The London Economic
No Result
View All Result
Home News

Watch: Chancellor Sunak appears not to know what a loan is…

"Has he ever taken a loan? If I bought a car and instead of coming up with 10k, I spread the cost over 5 years via a loan. It's not a hard concept to understand. Thick or out of touch?"

Joe Mellor by Joe Mellor
2022-03-28 17:12
in News
FacebookTwitterLinkedinEmailWhatsapp

Chancellor Rishi Sunak has said it would have been “irresponsible” for the Government to have borrowed more to raise benefits in the face of rising inflation.

However, his comments about the £200 given to people already in fuel debt, which they have to pay back, otherwise known as a loan, are pretty bizarre.

Appearing before the Commons Treasury Committee, Mr Sunak defended the choices he had made in last week’s spring statement.

The committee chairman, Conservative MP Mel Stride, said the Chancellor had done “very little” for those who were out of work and relying on benefits.

Mr Sunak said: “If someone’s view is Government can or should make everybody whole for inflation – particularly inflation at these levels caused by global supply factors – then that’s something that I don’t think is doable.”

Mr Sunak said his decision to announce he intended to cut the basic rate of income tax from 2024 would inject “discipline” into the debate about public spending levels.

“Now having something to aim for means that hopefully we can have a more disciplined conversation about incremental public spending at this point, which is already at very high levels,” he said.

“My priority at this point forward is to keep cutting taxes, not increased public spending.”

Loan?

Sunak appeared unhappy with Alison Thewliss’s question about the £200 to cover rising fuel costs. She asked the Chancellor people ‘are being asked to take on another £200 of debt?’

RelatedPosts

BBC to stop showing ‘high risk’ performances after Bob Vylan Glastonbury controversy

Keir Starmer confirms Rachel Reeves will be Chancellor ‘for a very long time to come’

Trump complains about lack of porn access in White House, says former aide

Bob Vylan get another gig cancelled after Glastonbury set

However, Sunak didn’t agree he said “it isn’t a debt or a loan”.

His argument is that there is no interest charged on it, so it is neither.

As most people will know finance is given by lots of retailers at zero interest rate, to help them pay for their goods. In doing so they take on a debt.

Or even easier, you lend a tenner off your mate, unless your pal is a weirdo and charges you interest’ if so maybe rethink your friendship group, you will give them back £10 at a later date.

Either way, Thewliss then commented: “If I give you money & it’s expected to be paid back, it’s a loan.. better off with a grant.”

Watch

Alison Thewliss(SNP) – People who are already in fuel debt… are being asked to take on another £200 of debt?

Rishi Sunak – It's not debt, it's not a lone

Alison Thewliss – If I give you money & it's expected to be paid back, it's a loan.. better off with a grant pic.twitter.com/Q9lOjscBDj

— Haggis_UK 🇬🇧 🇪🇺 (@Haggis_UK) March 28, 2022

Reactions

1.

Has he ever taken a loan? If I bought a car and instead of coming up with 10k, I spread the cost over 5 years via a loan. It's not a hard concept to understand. Thick or out of touch?

— Kev Reah (@KevReah1) March 28, 2022

2.

Former city banker a) tries to argue a loan isn’t a loan b) has not heard of interest free loans. (Tries to argue as there’s no interest it’s not a loan!)
And this guys the Chancellor! 🤦‍♂️

— Phoenix-T-Cat (@PhoenixTCat) March 28, 2022

3.

My goodness…we have a chancellor that doesn’t know what a loan is …ffs!!! No wonder we have list so much to fraud. He really needs to go!!! #SackSunak https://t.co/EOR6vZoHI7

— SuperNazSocialist🟠🌤 #Antiracist she/her (@supernazma) March 28, 2022

4.

Just listen to the millionaire chancellor @RishiSunak explain the loan that's not a loan but has to be paid back so is a loan!!!!! #RishiAntoinette https://t.co/9K7sWayljc

— stevej Coe (@ReephamTiger) March 28, 2022

5.

Imagine being so far from reality that you believe people struggling to pay energy bills would "prefer" to pay an enforced loan back over 5 years, instead of 1, when they would prefer not to have that debt at all.

Now imagine that person is the Chancellor. 🤷‍♂️ https://t.co/ntKiJiluxi

— James Christie (@jeggburt) March 28, 2022

Related: Reactions as latest UK trade figures outline how catastrophic Brexit has been

Tags: Rishi Sunak

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

← A quarter of adults consider Crypto to be the ‘future of finance’ ← Snow forecast in London as temperatures plunge 13C in 3 days
No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

-->