The UK’s economic recovery doesn’t have to be this painful – there are other ways out of this crisis

If our output flatlines or shrinks, the economy can quickly topple into crises of unemployment, debt and inequality. But this is by no means inevitable, writes Beth Stratford

Rent control could help the government with its benefits bill (PA)

Yesterday the Office for National Statistics confirmed that Britain’s economic growth had slowed for the sixth consecutive month, reaching just 0.4 per cent in October. The growth rate is expected to be negative for November following nationwide lockdown restrictions.  

The government seems stuck between a rock and a hard place during this pandemic: Allow production and consumption to resume, and be blamed for an overwhelmed health service and thousands of avoidable deaths. Or restrict economic activity to halt the spread of the virus and take the rap for rising joblessness and hardship.

Fortunately, these do not need to be our only options. Our current economy is dependent on GDP growth for its stability. If our output flatlines or shrinks, the economy can quickly topple into crises of unemployment, debt and inequality. But this is by no means inevitable.