In a healthier economy, low bond yields would normally be a catalyst for investment bycompanies, as yields on gilts, as British government bonds are known, are a benchmark for thecost of long-term commercial borrowing. Alas, many firms are already sitting on cash theyseem unwilling to spend. Thus the main benefit of low yields is to the public finances. Britainplans to issue ?169 billion of bonds this year to cover the deficit, and to pay off?49 billion of debt that is coming due. Lower interest costs will make cutting the deficit a littleeasier in future years. That is a small mercy. A bigger one is that investors still trust gilts,despite Britains many problems.
在相对健康的经济环境里,低债券收益率通常会刺激企业投资,其中金边债券就是我们熟知的英国债券,它的收益率,就是长期商业借贷资本的基准。哎,可是太多的公司都是守财奴。也因此低收益率的主要受益者便是公共财政。英国今年计划发行价值1690亿英镑都只是小恩小惠,真正令人感恩戴德的便是那些无论英国有多少问题,都依然是金边债券忠实粉丝的投资者们。
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