Following Tuesday’s bleak headlines over the effect the coronavirus lockdown could have on the economy, the Chancellor attempted to strike an optimistic note in the daily government press conference. With the OBR projection suggesting three months of lockdown followed by a partial easing could lead to the UK economy shrinking by 35 per cent, Sunak said that while the prediction was worrying the figures were in some ways unsurprising as these are unprecedented times. However, the Chancellor stressed that it was simply ‘a possible scenario’ and it ‘may not even be the most likely’.
Sunak said the important takeaway is that the economy would likely ‘bounce back quickly’ once measures are lifted. He said that there was a way back to normality:
Yes it will be difficult in the short term. I’m happy to be honest about that with people. I think the measures we’ve put in place will help and then as we get through this it will mean that we can recover quickly and strongly and get our lives and economy back to normal.
But there is a question as to who will have to pay on the road to recovery.
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