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

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  • Craig Berry
  • Daniel Bailey
  • David Beel
  • Nick O’Donovan

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.

Suggested Citation

  • Craig Berry & Daniel Bailey & David Beel & Nick O’Donovan, 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, Cambridge Political Economy Society, vol. 16(1), pages 49-64.
    • Handle: RePEc:oup:cjrecs:v:16:y:2023:i:1:p:49-64.
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    File URL: http://hdl.handle.net/10.1093/cjres/rsac024
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    References listed on IDEAS

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    1. Emanuele Campiglio & Yannis Dafermos & Pierre Monnin & Josh Ryan-Collins & Guido Schotten & Misa Tanaka, 2018. "Climate change challenges for central banks and financial regulators," Nature Climate Change, Nature, vol. 8(6), pages 462-468, June.
    2. Craig Berry, 2020. "From Receding to Reseeding: Industrial Policy, Governance Strategies and Neoliberal Resilience in Post-crisis Britain," New Political Economy, Taylor & Francis Journals, vol. 25(4), pages 607-625, June.
    3. Jeremy Green & Scott Lavery, 2015. "The Regressive Recovery: Distribution, Inequality and State Power in Britain's Post-Crisis Political Economy," New Political Economy, Taylor & Francis Journals, vol. 20(6), pages 894-923, December.
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    Cited by:

    1. Mia Gray & Michael Kitson & Linda Lobao & Ron Martin, 2023. "Understanding the post-COVID state and its geographies," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 16(1), pages 1-18.

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