More, not less, state intervention is necessary to counter the economic impact of coronavirus

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While the government’s generous job retention scheme is unprecedented and welcome, the sheer number of claimants underlines the need for it.

The decade of austerity that had preceded the outbreak coupled with the prevalence of insecure and under-regulated employment, according to the New Statesman’s senior online editor George Eaton, had left the UK unprepared.

If similar crises are to be averted in the future, the government must act quickly and use the tools at its disposal: tax rises on the wealthy, and new money creation through the Bank of England.

You can read the full article here.

Rohan Banerjee is a Special Projects Writer at the New Statesman

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