UK Public Finance Law: Statute vs Operational Reality
Critics claim MMT "misdescribes" UK public finance, citing the BoE Act 1998, National Loans Act 1968 & Appropriation Acts as proof govt must "fund" spending via tax/gilts first.
Let's examine what these laws actually say.

https://twitter.com/Frances_Coppola/status/2057242544820322369

BoE Act 1998
Critics claim: "Prohibits monetary financing; BoE independence blocks HMT spending"
Actual text: Grants MPC operational independence for interest rate setting (ss11-14). Contains no clause prohibiting HMT spending via its Consolidated Fund account at the BoE.

A Graphic Novella...
Inflation is a real economic phenomenon - exaggerated by panic driven narratives. Moderate inflation is normal & manageable. The danger is allowing fear to dictate policy, leading to austerity or interest rate hikes that destroy jobs & investment. The claim that state spending causes inflation is a convenient story, but it omits the central actors: private banks. Since over 97% of the money supply is created by bank lending, any serious explanation of inflation must focus on private credit, not just government issuance.

How are we going to pay for it?
Money in the UK is legislated into existence. The secret of the Consolidated Fund is that the power of money creation rests with the legislative authority of Parliament, rather than the prior collection of Taxes.
A graphic novella... Under the Exchequer and Audit Departments Act 1866, money issuance begins not with a collection of taxes, but with a formal command that spending is authorized even when the "Public Purse is empty.

If years were £Pounds...
(or Dollars, Euros, Yen, etc., etc.)

An irreverent look at New Years through the Government as a Household lie... Good evening.
It is with profound regret, but absolute necessity, that I address the nation tonight regarding a grave and unforeseen fiscal-temporal crisis. After extensive consultation with the Governor of the Bank of England and the Office for National Temporal Statistics,

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Henric kindly points out that banks create most of the money supply.
But...
That money is issued as loans, which with interest, must be repaid, any profit from productive loans is a result of State money spending.
Buckle up, a long thread.

https://twitter.com/HenricCont/status/1999459951601942745

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Commercial banks create the QUANTITY of money (deposits) through lending, the QUALITY & finality of that money depends on central bank.

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In response to Q on @RichardJMurphy 's post on MMT and bond market
Have been watching Japan a long time but have not run the numbers for this quick & dirty post.
Long thread, unroll at the end. 2/
BoJ holds 60% of govt debt, there was no cost in this, merely a reverse of the original reserve drain (QE). Priv banks, with increased reserves should be able to stimulate the economy. However…

Interesting post the other day suggesting that the UK was constrained in its ability to spend due to fiduciary constraints.
This is a long thread, I will add an unroll link at the end. Firstly to be clear, the UK does not have such a constraint.
However…

Have been in a conversation about private debt being a net drain on the economy, here are my observations...

Sources listed at the end. My assertion that "private debt is a net drain" stems from the asymmetric flow of money in debt contracts, particularly due to interest.

Thank you for your comment. I gather from said comment that you haven’t watched the video yet have heard that MMT doesn’t work.

https://twitter.com/Michael08483429/status/1918934287782441025

The speaker, Wm Mitchell one of the architects of MMT, explains that MMT is a description of the monetary operations of all nations with (currently) free floating, sovereign currency, all nations bar a handful.