So, the current UK lock-down and those practiced by other countries around the globe, is something of a historic first. It is the first-time state governments of all colours, have chosen to sacrifice the health of their economies in an effort to try and save every single citizen (or as many as possible at least) from a viral pandemic.
Previously this was just not possible. The Spanish flu of the early 1920s (Not actually originating in Spain) [1] which bears some similarities in both infection spread and the danger is presents to human lives as our current Covid-19, was a pandemic in which it was totally unthinkable and unfeasible for any government to shut-down its entire population and for economic activity to cease just to essentially protect the nation’s most vulnerable members. The reason being that the economic fall-out and risk of state collapse, let alone those of markets would have been far more devastating in terms of lives lost than the death toll from the Spanish flu itself, which eventually rose to between 50 and 100 million casualties globally. [2] Even up until 2013, the British state had no serious plans during a global pandemic to pursue a nation-wide lockdown, despite the biggest threat at the time being seen as an outbreak of influenza. Indeed the government had plans that accepted a death rate of between 210,000 – 315,000 over a 15 week period (roughly 0.5% of the population) in the best case scenario. [3] This was the best case scenario, and it was assumed, as it has been throughout history that protecting individuals must be superseded by protecting the health of the wider-nation, and that means it’s economic well-being.
Luckily for us, for the first time in history state governments are able to at least attempt to protect everyone universally, a very radical shift from anything seen before. This shift is due to two entwined issues.
Firstly the comparative wealthiness of societies (and its worth currently sparing a though to the dilemma facing states like India, where lockdowns are a calculation between societies poorest dying from starvation due to loss of income, or from exposure to Covid-19) allows First-World governments at least to have the ability to sustain their quarantined citizens in relative comfort. The measures taken by the British Treasury amount to the biggest state intervention in the peacetime the economy in British history with the government offering to pay the salaries and wages of its citizens alongside support to business, all to the tune of £330 billion and rising. [4] This is state intervention ‘unimaginable’ on a scale even a few weeks prior to its announcement, and has been justified as being needed to fight an unprecedented economic battle due to the virus and the measures being implemented to confront it. [5]
However, this overlooks the fact that this unprecedented economic battle, and the massive state measures being used to combat it, are entirely optional. If anyone remembers it was only a week or so before the announcement of the £330 billion, that the government had allotted a substantial, but infinitely smaller £30 billion extra spending.[6] This was back in the context when the British government was intending to keep everything functioning as ‘normal’ as possible- in line with its historic reaction to pandemics. Shops would remain open, Ascot went ahead, and while vulnerable groups were told to self-isolate, everyone else was informed simply to ensure that they washed their hands to the tune of ‘happy birthday’.
The idea was that the UK would follow the concept of ‘Herd Immunity’, this being that the government wanted as quickly as possible to have 60% of its healthy population infected by Covid-19 so that they could suffer, get through it and develop an immunity to it, with the majority being immune eventually those who could not risk getting it would now also be protected as there would be no one likely around who is still infectious. [7] The government now denies that ‘herd immunity’ was ever its official policy, yet the evidence such as allowing gatherings like Ascot to go ahead alongside such a small amount of extra spending, followed in subsequent weeks by the historically large £300 billion and a rushed regime of extra measures all delivered one after the other point to the government actually sitting back and letting herd immunity take its course, before u-turning radically and following the example of the rest of the world (bar Sweden and the Netherlands) in doing radically economically interventionist measures, alongside a national lockdown.
This is because by mid-March the British government were given the now famous Imperial College model of their interpretation of Covid-19s outcome that reported with the government’s current rather lax (though historically normal) response to the virus, around 260,000 people would die.[8] This was backed-up by the example of what was happening in Italy, essentially a total contagion, and so the British government radically altered course. The reasons for this were a mixture of political, but also ethical. The fact is that the expected 260,000 people dead were numbers any British government previously would be familiar with- from Spanish flu and before, right up until 2013 where the government in the best-case scenario to a pandemic were expecting and willing to accept up to 315,000 deaths. The fact is the extreme measures of a nation-wide lockdown that have been taken are totally historic, unprecedented and required a political willingness and economic ability to pay-out a vast amount of money from the state coffers. Due to this though the current expected death toll is placed around 20,000 if we are lucky-[9] a horrid number, but one that is comparatively tiny from what governments pre-2020 were prepared to put up with.
So the state being wealthy and willing to spread its wealth out has facilitated the lockdown (As well of course its fear of the political consequences if it did not follow the example of the rest of the world, while the Imperial College report was banging around), but also technological advances on a scale undreamed of have allowed the lockdown to be possible. Even in 2013 with the large expected death-toll, the internet infrastructure we are now so used to, was not in place- the scale of home delivery services, fin-tech, working from home software etc simply was not there. Hence why no nation-wide lockdown was ever mentioned. In 2020 though, while there have been some teething issues (to be expected for the first ever time) such as there not yet being the total capacity by the food service sector to meet the demand for home delivery (the local superstore is currently booked up until early May), its well on its way to getting there. Indeed an article for another time- but expect the world to change in huge ways post-Covid-19, already there has been talk of commuters and businesses based in the city realizing they don’t have to commute into work necessarily, particularly not every day- this will have a large impact on the cost of living in cities and house prices, if workers do a reverse exodus- to live in the countryside or smaller towns instead of having to be within a two hour drive or train journey. These are not ‘new’ trends- indeed we were well on our way to a more ‘home-working’ orientated economy where possible (climate change and the cost of living crisis had seen to that), but the reaction to Covid-19 by the state has forced businesses and people to adapt much faster than they otherwise would.
Due to these technological advancements in the internet and mass transit specifically, it has meant that at least some level of economic activity, communication and of course supply distribution can continue in a total lockdown. Something which again the 2013 and before governments could not expect. Thus, with these things available it is absolutely right that governments have taken the decision to attempt to save as many of their citizens as possible and keep the death toll far away from the over 100,000 mark that a 2013 government would have expected.
The Ethical-Economic balance of lockdown (And the growing criticism that we’re sacrificing to save everyone)
However, it is important to note that even with a lockdown being deemed politically necessary, and with technology facilitating a continuing hum of at least some economic activity there is still a huge cost to taking the ‘moral’ and ethical route of saving lives over the short term, over the economic path. The world was sliding into recession anyway due to increasing instability in the global economy (Trade wars, African loan crisis and increasing tensions over the Arctic, South China Sea and OPEC-Russian oil has not helped).[10] But the effects of Covid-19 on consumer behaviour, and the dwindling of economic activity due to the lock-down has exacerbated this. The lockdown indeed currently has actually hidden the fact that we are now/will about to be (depending on measurement used) heading into an economic crisis far worse than the 2008 recession.[11] It may even become a global depression as the US, still the engine of the world economy, and thanks to king-dollar the cornerstone of financial markets, may potentially reach its 1930s Great Depression unemployment rates of 1 in 4 Americans being made jobless.[12] Regardless of it reaching these heights, the UK’s in trouble due to its Covid-19 response. It’s debt to GDP ratio is now set to rise from its current 80% (Which is very high) to 100% and potentially beyond by next year due to the mass borrowing the government has and will continue to require to fund the lockdown measures and its attendant economic aid.[13] This number does not include the amount of money the government will borrow and lend to businesses that will then have to be written off due to their inability to pay back. The IFS has stated that this year alone the UK will need to borrow an extra £200 billion to fund the lockdown measures, and that the government may actually need to go far beyond even that huge figure.[14] Longer-term the UK is suffering a jobs crisis, not merely with rising unemployment,[15] but also with the wipeout of businesses permanently or indeed potentially whole industries such as commercial airlines.[16] We are potentially looking at a world defining economic crisis looming, that will have permanent repercussions on how we live and work and that is far worse than anything anyone living has experienced.
Due to these facts there is a growing complaint from certain segments of society that the balance between ethical-economic has shifted too far to the ethical side (i.e. save everyone and damn the longer-term fallout). They make the case that the economic damage will see far more lives ruined, and people potentially die than anything Covid-19 would do. They have the example of the 2008 Financial Crash to draw upon, and how the subsequent austerity (Which they may or may not argue was necessary) was incredibly damaging- as described by the UN special Rapporteur’s damning report on the British governments presiding over ‘wide-scale poverty’ that dropped British life expectancy, forced people to rely on food-banks and saw 40% of children living in poverty.[17] Furthermore, there is evidence that while disputed, argues that austerity subsequently caused the deaths of 120,000 people living in England.[18]With this in mind they make the case that the economic damage that lockdown causes will see far more lives ruined or even destroyed than anything Covid-19 might bring.
The British government places the value of a human life at £1.8 million.[19] This is the figure used to deem if safety equipment, operations, new drugs or indeed wider assessments of crisis response and war planning are deemed efficient, effective and ‘worth it’ in the money spent vs human lives lost or saved calculation. The NHS themselves provides treatment roughly on the basis that an extra year of life is worth spending up to £30,000 or less on.[20] These statistics feature heavily in policy considerations, and essentially are to ask how much should the British taxpayer be willing to pay to help their fellow citizens. They are intended then to provide a quantitative balance between the moral and the economic that is arguably ‘fair’. The argument then is that these figures are largely being ignored in the response to Covid-19 by the government’s new lockdown response. They put forward that the original ‘herd strategy’ was right and that the U-turn was based on political considerations of electoral survival rather than being based on a clear cut plan (And indeed this may be right, considering the lack of testing in the UK that is needed to go alongside a lockdown is not happening as the equipment needed was originally envisaged as not being necessary).
Indeed, both the Guardian and The Telegraph- two media groups from very different political outlooks are running an increasing number of articles about how the lowest-earners, young people, retired people and entrepreneurs are suffering/will suffer the most from the economic fallout from the lockdown, and how the economic consequences of the lockdown are building the further it continues. They are acting as a warning against further extension of lockdown powers or a continuation of the lockdown itself.
However, to put some things in perspective here, while yes, the government did certainly U-turn from herd immunity and implemented a half-concocted lockdown plan that lacked the proper equipment and aid packages necessary- hence why self-employed people were forgotten about until much later,[21] and why freelancers, newly self-employed and those on a 0 hour contract at the time writing at least are still not receiving the same level of help, if at all, as everyone else. Nor is there any actual ‘exit plan’ with the kind of testing that a lockdown strategy needs. As it’s pointless if you cannot track the infection spread correctly meaning you do not know:
A) When to stop the lockdown, and what regions and areas may need further measures, or indeed what areas you can ease restrictions on
B) You are keeping people who are potentially already immune from being able to either help others, or to get economic activity jump started again.
It though, is still not right to say yet that we should be willing to risk people’s lives needlessly for the sake of alleviating the economic fallout (And thus saving out futures). The reason being that even if the UK is on track to being in a far worse economic crisis than 2008, or indeed the Great Depression, it need not mean that people have to suffer, or have to die. As unlike Covid-19 which is left to the immune system to fight, the correct government policy can directly alleviate economic issues.
The right response to an economic crisis caused by a humanitarian crisis (and the wrong one):
An example of this can be found in our history. Post-1945, the UK debt to GDP ration was a whopping 250% (let alone the 100% predicted next year).[22] The war (which everyone and their mother is equating to our current coronavirus struggle) saw Britain almost bankrupted,[23] millions of businesses had been destroyed or turned to war purposes and entire economic sectors had been wiped out.[24] Ernest Bevin, Britain’s foreign secretary in 1947 commented that German miners were actually eating better than their British counterparts.[25] All this is a far more extreme situation than our current position could ever reach, on top of this the Britain also faced a hostile USA demanding repayment of our war-loans unexpectedly and who terminated lend-lease without prior notification on 2 September 1945- this meant Britain now had to pay the US for the consumer and civilian goods, food and equipment it needed to function as it had turn its economy almost entirely over to war production. On top of this the US now began attempting to dismantle Britain’s trading relationship with they key markets it needed to pay back the US itself.[26]This is objectively a far worse position than current predictions of our circumstances.
So, what did the heavily indebted Labour government do post-1945? It spent. Massively. It nationalized entire sectors of the economy- the Bank of England,[27] Iron and Steel,[28] Coal,[29] Civil aviation,[30] Telephone and Wireless,[31]Transport and delivery services,[32] and Energy to name a few.[33] These not only provided massive funding and state protection for key services for citizens and business, allowing the private sector to jump off this spring-board and expand their own activities far more cheaply than they otherwise could (and thus rapidly expanded the tax base) but also gave private enterprise confidence to invest in Britain and to help rebuild its economy. Further to this Labour embarked on an unprecedented house and infrastructure building spree to provide employment and stimulate regional economies but also founded the NHS in 1946 and vastly expanded the welfare state. These moves were much in keeping with Maynard Keynes’ teachings on how to revive an economy after a crisis- the government must spend and directly intervene, and as Keynes predicted, UK debt steadily and unremittingly came down. By 1960 it was 100% of British GDP, by 1970 it was 54% where it would largely remain- perfectly healthy for state finances.[34]
By comparison, the Conservative’s austerity has not seen any fall in the debt to GDP, in fact it grew it. In 2010 it had risen to 62.9% as a result of the financial crash and massive government bailout of the economy. Austerity has since seen this grow year on year to 78% in 2014 to 82% in 2018, it only began to slightly fall in 2019 when the Conservatives themselves ditched austerity in favour of turning the spending taps back on.[35]
The reason that Attlee’s spending splurge post-1945 worked to tackle the UK’s debt and Cameron’s austerity objectively has failed was because, and say it with me- A state economy is nothing at all like a household budget (the myth Cameron’s Tories created to win the 2010 and 2015 elections). Such an idea while being snappy with voters totally misrepresents the complexity and role that a nation-state has in maintaining its own economic well-being. A state economy is only like a household budget IF- your dad or mum promises that for every £2 you spend shopping, they’ll spend £1 and give you a further 50p directly to you, and pay for your car, re-invest your rent in lovely things specifically for you, much of which will help make you more money by making your own endeavours easier, all the while they implement a series of tax-breaks and support systems to ensure that you and your siblings while benefiting from the fruits of your labours also remember to buy your struggling younger brother a birthday present each year, as well as being able to get what rent you do pay, partially back. Your parents also keep you safe from your pushy neighbours, nasty falls and illnesses from the rent you pay, instead of demanding extra. They then give you even faster internet, more money for your college/uni course and double your Netflix. Thus, all building your confidence to stay there, do better at your business, maybe start another one and so end up paying more rent back, while also keeping more money in your own pocket at the same time.
If your house is anything like the above…then ok, you can compare the economy to a household budget. If, however your household is a normal one- then it works nothing like a state economy. Governments beat economic crises by spending, not by indulging in austerity that the UN has labelled as an ideological motivation, not a necessary economic one.
Wait, why does this matter to the anti-lockdown crowd?
Why does this matter at all to the guys arguing about how we should end the lockdown asap to protect the economy? Its because the underlying assumption they have is that with the UK economy teetering on the brink due to the government periodizing lives over the economy they expect that 10 years or more of austerity will be on the cards to ‘fix’ things. They do not envision that the government does have other, far more effective options at its disposal. As shown Attlee’s Government and the subsequent Keynesian post-war consensus adhered to by both Labour and the Conservatives until 1979 dealt with UK debt, while also improving standards of living for all, far more effectively than the last 10 years of Conservative austerity, which as of September 2019 had still not got rid of the government’s deficit, let alone even started to tackle the debt,[36] and that had also seen a real-terms drop in the living standards, life expectancy and provision of public services enjoyed by the British people.[37]
Now in fairness Attlee’s Labour managed this partly because they also went on a ruthless export-drive. The UK took aim at new and old markets, and the government helped businesses, and in some cases nationalized them to go toe-to-toe with other exporting nations like the USA and France to compete for trading opportunities.[38] This indeed is something that China, the USA and EU are doing now. It’s also partly why Britain joined the EU, as its Commonwealth markets became in the 1970s less dynamic and viable. The UK currently lacks the manufacturing industry that it built up from 1945-1979, but it does have a large and renowned service industry to who the same principles apply, as well as the potential to again become a manufacturing nation in new frontier areas like Space-tech (See ground-breaking British projects like Skylon and the SABRE Engine)[39], Eco-tech (Of which it is already a leading light)[40] and the Technology industry of which again the UK is at the bleeding edge, with it being the fourth largest market for tech investment in the world.[41] Britain just needs a government (of any political colour) who is pragmatic, not ideological. Who realizes that nationalization and government intervention is back on the agenda if we wish to do the right thing- save lives from Covid-19, and also save lives and livelihoods from the economic fallout which follows from the perfectly right lockdown measures. The ethical-economic balance is absolutely fine providing this is the path followed, and not a return to austerity in the aftermath.
Luckily both Boris Johnson's Conservatives and Keir Starmer's Labour are proponents of state-led intervention.[42] They will carry out nationalizations where needed (As Johnson did to the trains last month to prevent them from going under)[43] and are committed to the state taking an active role in shaping the economy and making sure markets are fair (such as forcing banks to not exploit struggling businesses).[44]
So providing Johnson and Starmer both remain committed to their 'big state' platforms, and the economic illiterates who think a national economy is anything at all like a household budget remain trapped on the fringes. There is no reason to advocate putting lives at risk to Covid-19 for the sake of the economy or arguing that we've gone too far in trying to save everyone. The fact is, states are now able to protect their citizens, they should do so, and any economic fall-out can be overcome with the right policies, no one need suffer.
Providing austerity remains dead...
Footnotes:
[1] Indeed, it may have come from China, though this is disputed; M. Humphries, ‘Paths of Infection: The First World War and the Origins of the 1918 Influenza Pandemic’, War in History, 21 (2014): 55–81
[2] J. Talha, J. Radia and S. Abdul, ‘H1N1 Influenza (Swine Flu)’, The National Center for Biotechnology Information (2019), available at: https://www.ncbi.nlm.nih.gov/books/NBK513241/ (Accessed 5 April 2020)
[3] Cabinet Office, Preparing for Pandemic Influenza (2013), 14, available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/225869/Pandemic_Influenza_LRF_Guidance.pdf (Accessed 5 April 2020)
[4] C. Cooper, ‘UK sets out £330 billion coronavirus business loan package', Politco (2020), available at: https://www.politico.eu/article/uk-sets-out-330-billion-coronavirus-business-loan-package/ (Accessed 6 April 2020)
[5] Ibid.
[6] P. Brand, ‘Chancellor Rishi Sunak announces £30 billion Budget boost to combat coronavirus threat’, ITV News (2020), available at: https://www.itv.com/news/2020-03-11/chancellor-rishi-sunak-delivers-budget-amid-coronavirus-covid-19-pressure-and-focuses-on-flooding-spending-potholes/ (Accessed 5 April 2020)
[7] C. O’Grady, ‘The UK backed off on herd immunity. To beat Covid-19, we’ll ultimately need it’, National Geographic (2020), Available at: https://www.nationalgeographic.co.uk/science-and-technology/2020/03/uk-backed-herd-immunity-beat-covid-19-well-ultimately-need-it (Accessed 5 April 2020)
[8] E. Sommerville, ‘UK Lockdown to cut coronavirus death toll by 254,000, experts say’, Evening Standard (2020), Available at: https://www.standard.co.uk/news/health/coronavirus-uk-death-toll-lockdown-china-imperial-college-a4400431.html (Accessed 5 April 2020)
[9] T. Helm, ‘UK can keep Covid-19 deaths below 20,000, says medical director’, The Guardian (2020), Available at: https://www.theguardian.com/world/2020/mar/28/uk-can-keep-covid-19-deaths-below-20000-says-medical-director (Accessed 5 April 2020)
[10] L. Elliot, ‘Global recession a serious danger in 2020, says UN’, The Guardian (2019), Available at: https://www.theguardian.com/business/2019/sep/25/global-recession-a-serious-danger-in-2020-says-un (Accessed 4 April 2020)
[11] M. Valladares, ‘Market and Macro Data Signal Covid-19 Economic Crisis Will be Worse Than in 2008’, Forbes (2020), Available at: https://www.forbes.com/sites/mayrarodriguezvalladares/2020/03/31/market-and-macro-data-signal--covid-19-economic-crisis-will-be-worse-than-in-2008/#69545bc46f1e (Accessed 5 April 2020); Reuters, ‘IMF sees coronavirus-induced global downturn ‘way worse’ than financial crisis’, The Economic Times (2020), Available at: https://economictimes.indiatimes.com/news/international/business/imf-sees-coronavirus-induced-global-downturn-way-worse-than-financial-crisis/articleshow/74978719.cms?from=mdr (Accessed 5 April 2020)
[12] J. Bartash, ‘The soaring US unemployment rate could approach Great Depression-era levels’, Marketwatch (2020), Available at: https://www.marketwatch.com/story/the-soaring-us-unemployment-rate-could-approach-great-depression-era-levels-2020-04-03 (Accessed 6 April 2020)
[13] Reuters, ‘Fitch Downgrades UK to Aa- Negative outlook, Reuters (2020), Available at: https://www.reuters.com/article/brief-fitch-downgrades-uk-to-aa-negative/brief-fitch-downgrades-uk-to-aa-negative-outlook-idUSFWN2BK1P7 (Accessed 5 April 2020); P. Minford, ‘Here’s how our public finances can still emerge from coronavirus broadly intact, The Telegraph (2020), Available at: https://www.telegraph.co.uk/politics/2020/04/07/public-finances-can-still-emerge-coronavirus-broadly-intact/ (Accessed 5 April 2020); G. Howes, ‘Coronvirus Economic Forecast’, Poundsterling Live (2020), Available at: https://www.poundsterlinglive.com/economics/13049-34-lower-gdp-every-day-the-shock-continues-uk-gdp-forecast-from-bank-of-america (Accessed 5 April 2020)
[14] C. Emmerson and I. Stockton, ‘The economic response to coronavirus will substantially increase government borrowing’, Institute for Fiscal Studies (2020), Available at: https://www.ifs.org.uk/publications/14771 (Accessed 5 April 2020)
[15] T. Bell, ‘In the coronavirus jobs wipe-out, the young and low earners suffer most’, The Guardian (2020), Available at: https://www.theguardian.com/commentisfree/2020/apr/05/covid-19-jobs-wipeout-young-low-earners-hardest- (Accessed 5 April 2020)
[16] FT, ‘Years of UK jobs growth wiped out by coronavirus’, Financial Times (2020), Available at: https://www.ft.com/content/9f3661b9-14cb-472a-9246-d784d436ea52 (Accessed 5 April 2020)
[17] United Nations Report of the Special Rapporteur on extreme poverty and human rights (2019), Available at: https://undocs.org/A/HRC/41/39/Add.1 (Accessed 5 April 2020)
[18] J. Watkins et al, ‘Effects of health and social care spending on mortality in England: a time trend analysis’, BMJ Journals (2017), Available at: https://bmjopen.bmj.com/content/7/11/e017722 (Accessed 5 April 2020)
[19] University of Bristol, ‘Fatal flaws in UK Government’s price of a life’, Physorg (2019), Available at: https://phys.org/news/2019-10-fatal-flaws-uk-price-life.html (Accessed 5 April 2020)
[20] C. Cook, ‘How much is a year of life worth?’, BBC News (2014), Available at: https://www.bbc.co.uk/news/health-28983924 (Accessed 5 April 2020)
[21] E. Langford, ‘Rishi Sunak under pressure to support ‘forgotten’ self-employed workers’, Politics Home (2020), Available at: https://www.politicshome.com/news/article/coronavirus-rishi-sunak-under-pressure-to-offer-support-to-forgotten-selfemployed-workers (Accessed 5 April 2020)
[22] UK Public Spending, ‘UK National Debt Analysis’, Available at; https://www.ukpublicspending.co.uk/uk_national_debt_analysis (Accessed 5 April 2020)
[23] The National Archives, London, CAB 128/12/6, Cabinet Conclusions, 22 January 1948
[24] The National Archives, London, FO 800/516, Telegram from Washington, 25 February 1949
[25] The National Archives, London, FO 800/514, British Economic Position, 30 October 1947
[26] The National Archives, London, FO 800/514, Arms for Latin America, 22 March 1947
[27] The National Archives, London, CAB 128/1, Cabinet Conclusions, 13 September 1945
[28] The National Archives, London, CAB 128/5, Cabinet Conclusions, 4 April 1946
[29] The National Archives, London, CAB 128/2, Cabinet Conclusions, 13 December 1945
[30] The National Archives, London, CAB 128/1, Cabinet Conclusions, 26 October 1945
[31] The National Archives, London, CAB 128/13, Cabinet Conclusions, 15 July 1948
[32] The National Archives, London, CAB 128/6, Cabinet Conclusions, 4 July 1946
[33] The National Archives, London, CAB 128/6, Cabinet Conclusions, 19 December 1946
[34] UK Public Spending, ‘UK National Debt Analysis’, Available at; https://www.ukpublicspending.co.uk/uk_national_debt_analysis (Accessed 5 April 2020)
[35] United Kingdom Public Sector Net Debt to GDP, Available at: https://tradingeconomics.com/united-kingdom/government-debt-to-gdp (Accessed 5 April 2020)
[36] Office for National Statistics, ‘UK government debt and deficit: September 2019’, Available at: https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/september2019 (Accessed 5 April 2020)
[37] Child Poverty Action Group, ‘The Austerity Generation: The impact of a decade of cuts on family incomes’ (2017), Available at: https://cpag.org.uk/sites/default/files/files/Austerity%20Generation%20FINAL.pdf (Accessed 5 April 2020); R. Partington, ‘UK faces longest fall in living standards since records began, says Resolution Foundation’, The Guardian (2017), Available at: https://www.theguardian.com/uk-news/2017/nov/23/uk-fall-living-standards-resolution-foundation-budget (Accessed 5 April 2020); Centre for Cities, Cities Outlook 2019: A decade of austerity, Available at: https://www.centreforcities.org/reader/cities-outlook-2019/a-decade-of-austerity/ (Accessed 5 April 2020)
[38] The National Archives, London, FO 800/514, Arms for Latin America, 22 March 1947
[39] Reaction Engines, SABRE (2020), Available at: https://www.reactionengines.co.uk/beyond-possible/sabre (Accessed 5 April 2020)
[40] European Commission, ‘Eco-innovation in United-Kingdom’ (2015), Available at: https://ec.europa.eu/environment/ecoap/sites/ecoap_stayconnected/files/field/field-country-files/uk_eco-innovation_2015.pdf (Accessed 5 April 2020)
[41] D. Prosser, ‘How Britain’s Tech Sector Staked Its Claim On The World’, Forbes (2019), Available at: https://www.forbes.com/sites/davidprosser/2019/05/14/how-britains-tech-sector-staked-its-claim-on-the-world-stage/#3dc95ae04681 (Accessed 5 April 2020)
[42] For a full overview of Boris Johnson’s shift away from traditional Conservative economic policies and towards a left-wing state interventionist approach see my articles on the post-2019 General Election Results and what they mean for the country available at: https://www.linkedin.com/pulse/2019-post-mortem-red-wall-crumbling-your-general-guide-jardine/ and https://www.linkedin.com/pulse/2019-general-election-aftermath-part-2-rise-snp-fall-lib-dems-samuel/
[43] O Gill, ‘The railways have been nationalized- and there is not turning back’, The Telegraph (2020), Available at: https://www.telegraph.co.uk/business/2020/03/23/railways-have-nationalised-no-turning-back/ (Accessed 5 April 2020)
[44] A. Verity, ‘Denying coronavirus loans ‘completely unacceptable’ banks told’, BBC News (2020), Available at: https://www.bbc.co.uk/news/business-52126658 (Accessed 5 April 2020)