Is there any such thing as taxpayer’s money?

Tax Research UK:

As the Independent has reported:

David Cameron has invoked Margaret Thatcher’s economic doctrine in an election-time push to shore up the Tory core vote.  Speaking in Bristol on Monday Mr Cameron claimed there was “no such thing as public money” – a claim made by Ms Thatcher at the 1983 Conservative Party conference.  “We know that there is no such thing as public money – there is only taxpayers’ money,” Mr Cameron said – repeating the late prime minister word-for-word.

If Cameron can get basic facts on money wrong then of course he can run the economy startlingly badly.  And he does not have to go far to find that not all money is taxpayer’s money. Take this House of Commons Library note on quantitative easing as a start point:

Central banks have the ability to ‘create’ money. This happens electronically rather than through the physical printing of extra bank notes.