John Stepek

You stick your money into these bonds, and when you die, it goes to your tax-free.

And you could use that.

We don't normally hypothecate in the UK, but you could use that to raise the money that we so desperately need

for defense, right?

This makes sense.

MARK BLYTH I mean, cutting welfare might be better, but here we are.

STEVEN SCOTT Yeah, well, exactly.

I mean, I guess we've got to work with what we've got.

But I think the benefits of this are that it would be politically popular, brings down the UK's cost of borrowing,

You know, we do actually need the money for defence.

So in this case, although I detest hypothecation because obviously, you know, it's daft to say, oh, we're going to need that set pot.

The point is with defence is basically it is a bottomless pit at the moment because we're only at 2.5%.

Yeah, exactly.

So it's acceptable.

So I don't really see the difficulty.

And again, OK, so perhaps it means the inheritance tax take goes down a bit.

But the inheritance tax take is not that large.

It's about $15 billion a year.

Say you trim it in half, but then you actually cut your cost of borrowing.

It probably evens out.