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Covid-19, Keynes and the national debt

During 2020, the global economy was hit by the Covid-19 pandemic, and governments in many countries poured funds into countering the virus and trying to preserve their economies. Peter Smith explores the repercussions for the national debt

John Maynard Keynes, 1883–1946
Source: Based on data from ONS

As the Covid-19 pandemic spread rapidly around the world, scientists rushed to analyse the virus and to develop treatments and a vaccine to prevent infections. However, the virus was highly contagious and by late 2020 there was still no known cure. For many who caught it, it was fatal.

The first priority was to halt or slow the spread of the disease, but this required severely limiting social interactions between people. A key way in which people interact is in the workplace, so slowing the spread of the virus could only be achieved by forcing businesses to close, or to find ways in which their employees could work from home.

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Previous

Getting diagrams right

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The legacies of British slave-ownership

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