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How to save the economy

Accelerate investment in local areas—and deliver an employment guarantee

By Robert Skidelsky  

Daniel Karmann/DPA/PA Images

The Covid depression, as it will surely be known, will be the deepest and at the same time strangest economic downturn of the post-war era. The OBR’s central forecast is that GDP falls 12.4 per cent this year, and unemployment rises from 1.3m in 2019 to 3.5m in 2021, with unemployment peaking at 12 per cent. Worst case scenarios are too horrible to contemplate.

This is also the strangest recession, since it will have been precipitated by a collapse of supply, not demand.

In the…

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