On March 18, 2020, Tim Leunig received a text from Rishi Sunak, prompting him to expedite a scheme to safeguard UK workers amid impending lockdowns. By leveraging ideas from existing furlough schemes, Leunig and Treasury officials swiftly crafted the Coronavirus Job Retention Scheme, which was approved by Sunak within hours. This £70 billion initiative represented a decisive shift in governmental roles, highlighting how the pandemic prompted urgent actions that altered economic structures fundamentally, leading to unprecedented public borrowing levels and ongoing fiscal implications.
The furlough scheme marked a radical if temporary shift in the role of the state, as the Treasury stepped in to underwrite the salaries of millions.
Covid broke maths. The direct impact of the pandemic period continues to be felt today through its consequences on public finances.
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