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Western EuropeMay 1 2020

How is the UK going to pay for Covid-19 recovery?

As the UK economy is hit by the coronavirus, the government has pledged massive fiscal support. But how sustainable is this in the longer term? James King reports.
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Paul Volcker, a former chair of the US Federal Reserve, reportedly quipped that “every 10 years we have the greatest crisis in 50 years”. In the opening decades of the 2000s, these words ring painfully true.

A little over 10 years since the global financial crisis, the world is now contending with what the International Monetary Fund (IMF) has termed ‘the Great Lockdown’ – the fallout from the spread of the Covid-19 pandemic. The confinement of citizens and closure of businesses in response to the virus have afflicted nearly every country in the world and dealt a hammer blow to an already fragile global economy, which is now expected to contract by 3% in 2020, according to the IMF.

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