'It’s one minute to midnight: the Government must either urgently get real on non-Covid spending, or plunge head first into an economic doom-loop'
For the first time in years, I’m turning bearish on Britain. Our economy, trashed by Covid and the lockdown, is about to be sucked into a catastrophic doom loop, with no escape hatch. Forget about a V-shaped recovery: the future is a truncated square root, with years of stagnant growth to follow a partial rebound next year. We are leaving the EU, but are set for Eurozone-style semi-stagnation. It’s a tragedy.
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