As vaccination for Covid-19 gets under way, it feels like we have turned a corner. However, continuing Government support for individuals and families remains vital because it protects people’s lives today, and it also means the economy is better prepared to recover tomorrow.
Resolution Foundation analysis of recent Government forecasts shows that the total cost of all the Covid support schemes will be some £335 billion by the end of next year. But, before we even consider that cost, we should think about the alternative. Imagine a world in which there was no extra healthcare spending, or the virus ran rampant because there was no furlough scheme or lockdown. That would have seen a far greater and incalculable cost to society. The economic cost of Covid was high, but it could have been much worse.
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