Economists vs Epidemiologists: Exploring the Impact of COVID-19 on the UK Economy
Matthew Downes Following the gradual decline of the number of new Covid-19 cases, economists and epidemiologists have been engaged in a tense debate regarding the appropriate time to remove lockdown. Finding a compromise between public health and financial wellbeing has been a topic of much consideration. Given the gradual phasing out of the lockdown over recent weeks and the continued efforts to return societal function to normal, it is the perfect time to explore the factors driving these decisions from both a medical and an economic standpoint. When the lockdown was first implemented, an anticipated recession occurred due to the trading activity of many businesses ceasing, from local stores to national conglomerates. As expected, containment policies put in place by the government helped flatten the medical curve while simultaneously steepening the recession curve. While the UK’s response to the virus was lacklustre when compared to other European countries (every European country ...