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![MMTLabour Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1229355788856123394.png) MMT for Progressives [@MMTLabour](/creator/twitter/MMTLabour) on x 3789 followers
Created: 2025-07-24 16:10:17 UTC

@homebuynowuk @richyphillips You're conflating the budget of a currency issuer with a currency user. Reserves issued by the BoE are liabilities (in the currency of issue) - they create that debt in the form of their own IOUs. That is a wholly different concept from borrowing those reserves.


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**Related Topics**
[debt](/topic/debt)
[currency](/topic/currency)
[budgeting](/topic/budgeting)

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