After the Covid war, the UK will struggle to win the economic peace

State power and capitalism's innovation have staved off disaster, but the challenge is long-term

To the dates 4 August 1914 and 3 September 1939 can now be added a third: 23 March 23 2020, the day the government declared war on Covid-19 and announced a lockdown to combat the virus.

It's strange how history repeats itself. The same mixture of overconfidence and under-preparedness that marked the start of the first and second world wars was evident a year ago. Basic kit was in short supply and the country's leaders were in denial about the threat.