It is too easy to become obsessive in whole or partial lockdown. And my obsession for weeks now is why ministers and Whitehall failed to learn the big lesson of the 2007/8 banking crisis – namely that high impact, low probability risks wreak maximum damage, and if they have the potential to destroy your way of life, money and resource should be no object in warding them off.

Why didn’t Boris act sooner against coronavirus?

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