The Impact of the Covid Pandemic on UK Economic Policy and Its Legacy
This article examines the economic impact of the Covid-19 pandemic on the UK in comparison to previous shocks since 1980. It details the economic measures taken by the public authorities to deal with the crisis, including massive public spending to support household incomes and powerful monetary pol...
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| Format: | Article |
| Language: | English |
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Centre de Recherche et d'Etudes en Civilisation Britannique
2024-12-01
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| Series: | Revue Française de Civilisation Britannique |
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| Online Access: | https://journals.openedition.org/rfcb/12616 |
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| author | Nicholas Sowels |
| author_facet | Nicholas Sowels |
| author_sort | Nicholas Sowels |
| collection | DOAJ |
| description | This article examines the economic impact of the Covid-19 pandemic on the UK in comparison to previous shocks since 1980. It details the economic measures taken by the public authorities to deal with the crisis, including massive public spending to support household incomes and powerful monetary policy measures. The analysis then looks at the economic legacies of the pandemic, especially concerning public debt and inflation, noting that at the time of the general election in July 2024 Britain’s economic outlook had stabilised and inflation had ebbed. However, the article concludes that the era of unprecedented ultra-low interest rates which began in the wake of the global financial crisis (2007-2009) is over. It emphasises that while today’s high public debt is not unprecedented in British history it will weigh heavily on public spending in the years, if not decades, to come. |
| format | Article |
| id | doaj-art-45bb6eb43f6440849c5044e2187948f8 |
| institution | Kabale University |
| issn | 0248-9015 2429-4373 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Centre de Recherche et d'Etudes en Civilisation Britannique |
| record_format | Article |
| series | Revue Française de Civilisation Britannique |
| spelling | doaj-art-45bb6eb43f6440849c5044e2187948f82025-01-09T12:30:55ZengCentre de Recherche et d'Etudes en Civilisation BritanniqueRevue Française de Civilisation Britannique0248-90152429-43732024-12-0129410.4000/12vlxThe Impact of the Covid Pandemic on UK Economic Policy and Its LegacyNicholas SowelsThis article examines the economic impact of the Covid-19 pandemic on the UK in comparison to previous shocks since 1980. It details the economic measures taken by the public authorities to deal with the crisis, including massive public spending to support household incomes and powerful monetary policy measures. The analysis then looks at the economic legacies of the pandemic, especially concerning public debt and inflation, noting that at the time of the general election in July 2024 Britain’s economic outlook had stabilised and inflation had ebbed. However, the article concludes that the era of unprecedented ultra-low interest rates which began in the wake of the global financial crisis (2007-2009) is over. It emphasises that while today’s high public debt is not unprecedented in British history it will weigh heavily on public spending in the years, if not decades, to come.https://journals.openedition.org/rfcb/12616debteconomic policyCovideconomic impactinflation |
| spellingShingle | Nicholas Sowels The Impact of the Covid Pandemic on UK Economic Policy and Its Legacy Revue Française de Civilisation Britannique debt economic policy Covid economic impact inflation |
| title | The Impact of the Covid Pandemic on UK Economic Policy and Its Legacy |
| title_full | The Impact of the Covid Pandemic on UK Economic Policy and Its Legacy |
| title_fullStr | The Impact of the Covid Pandemic on UK Economic Policy and Its Legacy |
| title_full_unstemmed | The Impact of the Covid Pandemic on UK Economic Policy and Its Legacy |
| title_short | The Impact of the Covid Pandemic on UK Economic Policy and Its Legacy |
| title_sort | impact of the covid pandemic on uk economic policy and its legacy |
| topic | debt economic policy Covid economic impact inflation |
| url | https://journals.openedition.org/rfcb/12616 |
| work_keys_str_mv | AT nicholassowels theimpactofthecovidpandemiconukeconomicpolicyanditslegacy AT nicholassowels impactofthecovidpandemiconukeconomicpolicyanditslegacy |