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Rishi Sunak is my kinda guy. He is clearly clever and, above all, he is witty. So much so that none of the journos at yesterday’s 10 Downing Street briefing stopped him to explain just where this fantastic expenditure splurge is coming from.
Of course, the answer is that it is not coming since it isn’t there. So it’s printing time. What holders of gilts will make of this I do not know: they seem a pretty docile lot to me. So it’s inflation on the way.
The USA is going bigger at roughly three times the British splurge of £330 bn. Again that cannot be raised by taxation and borrowing will be difficult. So it’s more inflation on the way.
I know I have noted this before but, surely, it’s bullish for gold which has been foolishly sold down to fund losses elsewhere. Now a startling $1,500.
The LSE banned short-selling in a number of stocks yesterday. Last time they took these steps proved to be the bottom of the market. Perhaps the LSE have done it again.
Finally, I have checked with Checkit (LON:CKT) and all is going to plan if not to timing where the management have no control over current business in hand. But the idea stands and the real sales are coming. Now around 25p. That is cheap.