With the latest news that the UK economy is predicted to contract by 35 per cent and with projected unemployment of two million things will get worse before they get better. The UK is going to need massive government intervention in the economy. Policy making can’t leave this to the invisible hand of the market. The global economy is heading for a Thirties-style depression.
The Government will need to behave in a pragmatic way, but also be innovative in how to foster sustainable growth. One way is through a Green New Deal, with the focus on renewable energy, engineering, and new jobs including apprenticeships. In effect, a new industrial revolution fit for the 21st century. If we don’t act we will see entire communities suffer. Economics and society are interconnected, and simply going back to the ways things were before Covid-19 must end. Otherwise the economic pain to come will be intolerable.
Oliver B Steward
Editor's reply
Dear Oliver
The OBR’s economic forecasts do not make for easy reading at a time when people are already dealing with the impact of the virus on their health, family and finances, but your suggestion is inspiring: that this is the moment when we reassess our impact on the environment and focus recovery on sustainability. My concern is whether government and business have the capacity to properly plan this revolution and the extent to which they can deliver necessary growth.
Vicky Frost, Columnist
An opportunity to fix our roads
Why on Earth don’t councils (particularly in London) take advantage of roads being empty during the Covid pandemic and mend the legion of holes — instead of doing it when streets are busy and causing untold misery for commuters with intolerable delays.
Peter Murray
