Robert Chote, head of the Office for Budget Responsibility, said to the UK parliament that the government needs to unveil a big stimulus package that will help all businesses to counter the coronavirus impact.
He noted, “the lesson of earlier crises is that one sector’s problems in a situation like this quickly become every other sector’s problems.” Also, “this is not a time to be squeamish about one off additions to public sector debt. It’s more like a wartime situation,” he added.
Sir Charlie Bean, OBR member and former BoE deputy governor, said coronavirus hit “ought to be different from the financial crisis. ” “There isn’t a fundamental structural problem in the economy that needs correcting, at least in the most part.”
