This is a time to be bold and to act now to avoid a second wave of austerity

Editorial: Britain and the global economy faces the serious risk of a recession that turns into a depression

Rishi Sunak was quick in responding to the pandemic by borrowing vast sums to keep people in jobs and businesses afloat (Reuters)

Alistair Darling, who was chancellor of the exchequer at the time of the financial crash in 2008, rightly says the impact of the coronavirus is going to be “much, much worse”. Which prompts the question: how best should we try to restore the economic damage?

It may be thought premature and even unseemly to be asking this question while people are still dying in large numbers from the direct effects of the virus. But Lord Darling also made the point that the decisions that are taken or not taken in the next two or three weeks could be decisive in shaping our ability to recover.

As we report today, he was speaking for a large part of British business. The British Chambers of Commerce, the Federation of Master Builders, the British Retail Consortium and the British Beer and Pub Association have told The Independent that an abrupt end to state support would plunge the country into a crisis of mass unemployment.