Regulation

UK-wide lockdown could cost £18bn every month – but this could be a price worth paying, says IEA expert


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Responding to the Prime Minister’s announcement of a further national lockdown for England, Julian Jessop, Economics Fellow at the free market think tank the Institute of Economic Affairs, said:

“A new UK-wide lockdown may cost 10% of GDP, or about £18 billion every month. On balance, this could be a price worth paying to prevent tens of thousands of premature deaths and other harms if the NHS is overwhelmed with Covid patients.

“There are no easy choices here, but the government has probably done the right thing. The new Covid variant has increased the benefits of locking down, while the rollout of the new vaccines has reduced at least some of the costs.

“There is now light at the end of the tunnel and both households and businesses can look forward to a brighter spring.”

ENDS



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