The global COVID-19 pandemic has required unprecedented government action at an unprecedented pace. This discussion paper has been commissioned to provide rapid analysis and expertise to the UK government.

Austerity is the order of the day in Europe, but Professor Mark Blyth argues that austerity is a very dangerous idea and does not work. While it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is...