According to the Bank of England, the availability of mortgages declined dramatically in the three months ending May 2020 – implying a bigger credit squeeze than in the worst three-month period of the global financial crisis.
There is a risk that following the shock of the pandemic and poor economic recovery, deep seated pessimism may set in for the young, who already feel that their lives will be less prosperous than their parents’.
This economic crisis, as well as the virus, is truly novel- it is not caused by bursting financial bubbles, deficient demand or underutilised potential. Revenues that would normally come from the population producing, earning and
Over the past 40 years, government debt as a proportion of GDP has predominantly remained in the 30%-50% range. This trend ended with the financial crisis, after which government policy has been centered on reducing the debt to GDP ratio…