“….get it done” was a recurrent phrase in the Budget speech of the new Chancellor, Rishi Sunak. It could equally have been “get it spent” or “get it borrowed” as Mr Sunak announced a raft of spending initiatives with few supporting tax increases.
The scale of the impact of the near shutdown of the world economy is becoming clearer by the day. The immediate hit to economic activity through disruption to supply chains, business closure and social distancing measures is an unfortunately necessary consequence of the virus if we are to protect lives and prevent its rapid spread, overwhelming health facilities. Governments are,
Stock markets have declined again, as Italy quarantined a quarter of its population to address its worsening coronavirus outbreak, and Saudi Arabia started a price war in the oil market; the Brent crude price has fallen from $65 per barrel at the start of 2020 to $35 at the time of writing.
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