Financial Markets

My Lords, my first question for the noble Lord is simple. What is the Government’s estimate of the total cost of the operation so far and how is it to be paid for? The next question is more difficult. However much taxation is increased or public expenditure is cut, there is likely to be a substantial increase in government borrowing. What is the Government’s policy on funding that deficit from the public? To the extent that they fail to do so, there is likely to be a massive increase in that old-fashioned concept of the money supply and a large increase in inflation after a time lag.