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Lessons from Keynes in the age of coronavirus

What might the economic challenge look like and are we entering a wartime economy?

By Robert Skidelsky   May 2020

Photo: David Killen

There was general praise for Chancellor Rishi Sunak’s 11th March budget statement, which unveiled a stimulus package, worth £175bn over five years. Observer columnist Will Hutton summed up the mood: “Yet a Rubicon has been crossed. Keynesianism has been restored to its proper place in British public life.” Even the erstwhile austerians joined the chorus of praise, including George Osborne.

These budget calculations have now been overtaken by the coronavirus pandemic. It…

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