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Money Box

The Hangover: The Fiscal Fallout

Money Box

BBC

Business

4.2804 Ratings

🗓️ 28 August 2021

⏱️ 25 minutes

🧾️ Download transcript

Summary

Covid has been an economic crisis as well as a health emergency.

In this four-part series Felicity Hannah meets families, businesses & local councils whose lives and fortunes have been changed completely by the pandemic.

This week, in the final programme, she chairs a discussion looking at what Covid will cost the nation’s economy with panellists Dr Gemma Tetlow, Chief Economist, Institute for Government, Lord Jim O’Neill, former Conservative Treasury minister & John Gathergood, Professor of Economics at Nottingham University.

Producer Smita Patel Editor Alex Lewis Studio Engineer James Beard

Transcript

Click on a timestamp to play from that location

0:00.0

You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.

0:06.5

I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.

0:11.2

I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,

0:16.0

relationships, identity, comedy, even one that mixes poetry, music and inner city life.

0:22.4

So one day I'll be helping host develop their ideas, the next fact-checking, a feature,

0:28.3

and the next looking at how a podcast connects with its audience, and maybe that's you.

0:33.6

So if you like this podcast, check out some others on BBC Sounds.

0:39.4

BBC Sounds, music, radio podcasts.

0:43.4

The COVID crisis has been like nothing in living memory.

0:46.8

Shops, pubs, hairdressers, even schools closed, causing incredible turmoil for workers and businesses.

0:53.7

The government spent over £100 billion just supporting jobs through schemes like furlough,

0:59.0

and at the worst point of the crisis, the economy shrank by more than a fifth.

1:04.3

So how has this shaped our finances? What will it mean for our futures?

1:09.1

For the last three weeks, I've been talking to individuals, businesses and council leaders

1:13.6

and finding out how the pandemic has changed their financial prospects and their financial futures.

1:19.5

There have been some real highs and some devastating lows.

1:22.9

This is The Hangover.

1:29.9

Analyzing the economics of this crisis is a bit like analyzing the COVID caseload.

1:34.4

You have to look at today's numbers and work out where we might be in the coming weeks.

1:39.1

But if anyone can do it, then it's going to be our panel.

1:42.1

I'm joined by Dr. Gemma Tetlow, chief economist at the

1:45.1

Institute for Government, by John Gathergood, Professor of Economics at Nottingham University,

...

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