For the Covid economic recovery look to the Treasury, not the Bank

Fears about high government borrowing raising inflation and interest rates are overstated

Both of the big jobs in UK economic management changed hands earlier this year. Within weeks of Rishi Sunak taking over from Sajid Javid at the Treasury, Andrew Bailey replaced Mark Carney at the Bank of England.

Sunak has barely been out of the news in the months since, and he will remain centre stage after the decision to put England back into lockdown. In the past few weeks alone, the chancellor has announced and recalibrated the job support scheme. Now he has been forced to reinstate the furlough, with the Treasury back to paying 80% of the wages of those unable to work.

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