Circular financing

Other countries – such as the United States - have also used QE, but not to the same extent as Britain. Since March, the UK has almost tripled the size of its "monetary base". We've then used more than 99pc of that freshly-minted money to buy our own sovereign debt so Mr Brown and his ilk can keep spending, in a last-ditch attempt to prevail at the polls. As a result, the UK is now being kept afloat by a bizarre, Zimbabwe-style form of circular financing that will ultimately explode in our faces.

Liam Halligan, 'Labour's dishonesty is leading us down the road to sovereign default'