The figures suggest that the level of public debt as a share of national income, already heading for 100 per cent, will continue to rise throughout the course of the current parliament.
Pandemics are exceptional events, like world wars or natural catastrophes. During such moments, the usual rules free marketeers believe are best for economy and society may need to be temporarily suspended.
Conservative MPs have said “no return to austerity,” and urge the chancellor not to raise taxes or cut public spending. However, growth predictions have raised fresh questions over how Boris Johnson and his chancellor, Rishi Sunak, will finance the emergency measures taken to battle the pandemic. What, therefore, is the best option? What does the future hold for fiscal responsibility? Are we right to say that this is a one-off event and we should throw caution to the wind when it comes to government debt?
Join Mark Littlewood, Steve Baker MP and Professor Philip Booth for what promises to be a thought-provoking discussion.