Precisely how Parliamentary authority to spend ends up as a payment in somebody’s bank account, including the banking transactions that occur across the Government Banking Service to make that happen....New Wayland
UK Government Spending - The Gory Details
NeilW
The source account for these transactions is the department’s drawing account at GBS and the destination account is the payee’s account at a commercial bank. NeilW
ReplyDeleteDon't think so since you are mixing apples (fiat) with oranges (commercial bank deposits).
You might as well say that commercial banks lend out their reserves.