Building back before: fiscal and monetary support for the economy in Britain amid the COVID-19 crisis

Berry, Craig ORCID: https://orcid.org/0000-0002-8035-1155, Bailey, Daniel, Beel, David ORCID: https://orcid.org/0000-0002-1146-229X and O’Donovan, Nick (2023) Building back before: fiscal and monetary support for the economy in Britain amid the COVID-19 crisis. Cambridge Journal of Regions, Economy and Society, 16 (1). pp. 49-64. ISSN 1752-1378

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Abstract

This paper explores the local impact of various forms of fiscal and monetary support for UK-based companies in the context of disruption caused by COVID-19 and associated public health restrictions, including support for household incomes (and therefore private consumption) via the ‘furlough’ scheme, the Covid Corporate Financing Facility and various national and local business support schemes. It shows that the economic crisis associated with the pandemic has been construed to justify interventions that preserve the spatially uneven status quo of the UK’s model of economic development, protecting business from harms arising, apparently, from the public’s reaction to the pandemic. To some extent, COVID-19 has been treated as a localised phenomenon that the national economy requires protection from.