This is the research companion piece for my article on MMT & International Trade. Here are my notes.
According to my researches, and sourced from the Bank of England, the UK Govt. Foreign Debt holdings is about $22 bn. Source BoE pqqlaau.
The UK GDP is £2,320 bn, the public sector debt in foreign currency is under 1% of the GDP.
ONS reports total foreign debt at £6.6 trillion, really, check this!
- The Balance of payments at the ONS
- The UK economy at Wikipedia
The UK Balance of Trade has been running a deficit for decades and the UK imports 48% of its food.
The BoT on Energy is no longer in surplus, UK Gov “Energy Trade Stats”
How much of the UK Gilt market is foreign owned? https://www.dmo.gov.uk/data/gilt-market/ would seem to apply. Is it really 28%? What is the unit of measurement? The UK public debt is what?
- https://tradingeconomics.com/united-kingdom/government-debt-to-gdp
- https://www.economicshelp.org/blog/334/uk-economy/uk-national-debt/ 83% of GDP May 2019
There is a financial services instrument called an FX Swap. This consists of reciprocal loans of stocks of currency. i.e. there is a promise to return the monies. In an FX trade, there is no promise to return the monies. = https://www.bis.org/publ/qtrpdf/r_qt0803z.htm