The Budget has – quite rightly – been overshadowed by the ongoing coronavirus emergency.
At times like this, the normal budget day issues that tend to interest us economists, from Barnett consequentials through to the latest policy initiative or forecasts from the OBR, are very much secondary.
The channels through which the spread of coronavirus can feed through to the economy are complex and wide ranging.
But the Chancellor did caution that we should expect for a ‘significant impact’ on the economy.
Impacts will vary by firm, sector, market-place and supply-chain. The ability of each business to flex their activity over time to cope with disruption will be crucial.