|Originally posted by SYSTEM-J |
Okay, but some extrapolation on these tools would have been a more useful response to my question. As things currently stands you can't isolate a whole population for months on end without destroying the economy. I'm not an expert on economics so I'm happy to be corrected if there are effective preventative measures.
My apologies, I misunderstood your question!
There are a number of measures I would take right now, if I were in charge. But, first of all, no matter what happens, the economy will contract in the next quarter. The important things, in my opinion, are preventing too many deaths, ensuring the economy bounces back once we've gotten through this virus, and ensuring the government does not overly-compromise our liberties long-term because of all this.
Regarding the economy:
We need to just start giving people money. I'd suggest something like £250 per person per week. Now.
A moratorium on debts could be used. No credit card payments, mortgage payments, student loan payments, etc etc. I'm not sure if the timing is right, now, but if things close down for a long while, I'd highly recommend it.
Interest free loans from the government to businesses to help businesses highly at risk, eg airlines or restaurants. Although if a moratorium on debts is introduced, they would not necessarily need as much.
The Bank of England should rapidly expand its asset purchases. If they run out Treasury bonds to buy, they should be allowed to buy whatever they want.
I'm optimistic UK deaths from the virus will be under 100,000, in total, but I think we may see extreme social measures for 3-12 months. The economy will contract in that time, as many things cannot be done from home, but if we can limit the damage, hopefully it won't be catastrophic.