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Will this crisis bring about a new economic settlement?

Policymakers reverted to the status quo after the last recession. This time must be different

By Simon Tilford  

Chancellor Rishi Sunak. Photo; Dominic Lipinski/PA Wire/PA Images

Western governments were slow to appreciate the risks of coronavirus. This was mainly because they were complacent about the chances of it really taking hold beyond East Asia, believing it to be largely a repeat of the 2008 Sars outbreak. Even once the scale of the Italian lockdown was apparent, major investment banks were forecasting relatively shallow recessions in Europe and the US, followed by a rapid bounce-back. All that has now changed. It is clear that Europe and the US…

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