The Covid-19 pandemic has had, and is still having, devastating socioeconomic effects on people in many parts of the world. We just need to look at the eye-watering amount of resources spent by governments to get an initial sense of the unprecedented change and upheaval that the pandemic has caused and that has left few untouched.
For example, according to the Office for National Statistics, the UK estimated lifetime cost of government spending because of Covid-19 is about £370 billion, with about £60 billion spent to provide support to workers through the furlough scheme and £154 billion spent to support businesses. This amount of spending comes on top of the more than £450 billion that the Bank of England has spent on quantitative easing since the 2007–09 financial crisis.
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