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richard there was an article published this morning in the financial times saying that chancellor rishi sunak had wasted 11 billion in unneeded interest payments to the banks but then you tweeted out to their amazing analysis that in fact the situation was much worse could explain a layman's terms if you can quite how much this government is propping up banks let me explain what happens when qe takes place or when the government spends quantitative easing this is or even just when the government spends money the money has to leave the bank of england and go into the commercial banking system and it does that through something called the central bank reserve accounts most people have never heard of them but they're fundamental to the way in which the banking system operates basically it's the money that is held by the commercial banks with the bank of england so that the commercial banks can pay each other now way back when the financial crisis started in 2008 um there was only around 40 billion in these accounts because the banks trusted each other then the banks stopped trustedly extrusing each other for really good reason and the bank of england basically had to suddenly put a lot of money in these accounts to boost them so that the banks did not fall over because they fell out with each other i mean we have banked enough banks all over they didn't want any more and that's what qe really did post 2008 yeah and the interest rates for this reserve was very low but the banks then you know when they charge interest the much higher six percent the bank the sort of the quantitative easing at a much lower interest rate so this was beneficial for the banks my mother just liquidity it was also earning the money effectively this provided them with a substantial sum of money then 450 billion then and since covid another 450 billion so now 900 billion in all has been basically gifted to the banks into their central bank reserve accounts on which the government then says we'll pay you interest the banks did nothing to generate this money they didn't save it they've been basically gifted it by the government to keep them going and then the government says we'll pay interest now that was no problem when the interest rate on the bank of england official rate was 0.1 but it's now one percent and it's expected to go up to one and a quarter percent in the next week and some people are talking about it rising to maybe three four five percent adam posen who used to be on the bank of england monetary policy committee and has appeared on here yes appeared on byline tv yeah it wants it to go to four percent or more now in that case four percent on 900 billion is 36 billion or more a year and that is...