Rishi Sunak’s coronavirus rescue package is crucial for a collapsing economy. Social partnership is back • See all our coronavirus coverage• Coronavirus latest updates
Last week, the British economic and financial system came very close to breakdown. An extraordinary number of companies were, and are, in acute financial distress, threatening mass lay-offs and the cessation of swathes of economic activity. There was an almost complete collapse in investor confidence, with attempts to sell every financial asset – even high-quality government bonds – in a desperate quest to hold cash.
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