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Recovering from the Economic Impact of COVID-19

Who Should Pick Up the Bill for the British Lockdown?

Peter Scott    Henley Business School, University of Reading, UK    

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abstract

This chapter examines what lessons can be learned from three previous crises that created public debt mountains of similar magnitude to the pandemic: the First World War, Second World War, and Credit Crunch. In all three cases the Treasury pressed for drastic spending cuts, to maintain confidence in sterling and the City. However, in the one case where the Treasury’s advice was rejected, there was a substantially stronger recovery. The Treasury has similarly lobbied for austerity measures to deal with the Covid-19 government debt, again raising the spectre of slow growth and mass unemployment.

Pubblicato
31 Luglio 2020
Accettato
30 Giugno 2020
Presentato
03 Giugno 2020
Lingua
EN
ISBN (EBOOK)
978-88-6969-442-4

Keywords: Covid-19Economic recoveryBank of EnglandTreasuryRecovery policyAusterity

Copyright: © 2020 Peter Scott. This is an open-access work distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction is permitted, provided that the original author(s) and the copyright owner(s) are credited and that the original publication is cited, in accordance with accepted academic practice. The license allows for commercial use. No use, distribution or reproduction is permitted which does not comply with these terms.