Seems to me it must be a nation of counterfeiters for the UK govt from inception to get its funds from the people…
Not that the author isn’t also confused by the ‘money creation dynamics.’
“…Cameron echoed his predecessor Margaret Thatcher, who in October, 1983 told the Conservative Party conference that:
“the state has no source of money, other than the money people earn themselves. If the state wishes to spend more it can only do so by borrowing your savings, or by taxing you more. And it’s no good thinking that someone else will pay. That someone else is you.
There is no such thing as public money. There is only taxpayers’ money”.
This idea that “there is no such thing as public money” was later foolishly echoed by Labour’s Treasury spokesperson, Liam Byrne. He left a note for his successor upon leaving the Treasury in 2010 which said: “I’m afraid there’s no money left.”