Peter Ferbrache talks numbers

Deputy Ferbrache could well be described as a pragmatist. Today, he spoke very sensibly about how borrowing money can be cut in many ways, depending on how it is set up. Borrowing an entire half billion pounds in one go is neither necessary nor cost-effective. He favours taking £100 million from the Rainy Day Fund and only £250 million initially on a short term basis to deal with the current crisis – whilst a further amount of money can be addressed if and when it is needed.