As the Financial Times reports that the UK could face annual 5% deficits by 2024. They quoted Professor Philip Booth, IEA Senior Academic Fellow, who last week gave evidence to the Treasury Select Committee on the economic impact of coronavirus.

In the session Professor Booth said “If you look at previous supply shocks and recessions, the additional debt that has been accumulated in the following four or five years has been a multiple of the first-year addition to debt”.

Read the full piece here.