While the economy is in a “Great Pause” to contain the coronavirus pandemic, tax revenues will be significantly lower and government spending significantly higher. This has led to extremely high budget deficits in the short term: The ONS reported a higher level of government borrowing in April 2020 than in the whole of the previous financial year. The result will be a much higher level of national debt than was expected just a few months ago. The aim of much of this spending is to try to prevent the permanent economic damage that would be caused by what would otherwise have been a wave of bankruptcies and mass unemployment […]