Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of applying Modern Monetary Theory principles to his fiscal policies when responding to the covid-19 outbreak.

In responding to Covid-19 outbreak the government has announced unprecedented support for families, businesses, and self-employed people. The actions taken have been necessary to help limit any long-term economic scarring and to ensure the economy can recover quickly once the pandemic is over.

The government is committed to delivering support within the existing macroeconomic framework, which is essential for ensuring the UK’s economic credibility. The government’s immediate response to COVID-19 will continue to be funded by additional borrowing, through the government’s normal debt management operations.