Of course, some lives will tragically be lost. But we need those 4.2 million people to return to work, forming a mini-economy run by and for the young
By Nick Powdthavee; @NickPowdthavee
The decision to lock down the UK to slow the spread of Covid-19 was undoubtedly the right one to save lives in the short term. However, this strategy carries an enormous cost.
Rishi Sunak‘s Job Retention Scheme to pay the wages of furloughed staff for three months could now cost up to £40bn – and that is just the tip of the iceberg.
The UK lockdown is causing severe damage to unemployment rates, future salaries and levels of national debt. The UK is hurtling towards an extraordinary recession that will potentially cost many lives. Unless a vaccine is discovered quickly, there is no pain-free way forward. Sooner, rather than later, we need an exit strategy that balances epidemiology and the economy to minimise all the risks.
One approach would be a staggered release, starting with 20- to 30-year-olds.
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