Soaring government debt is now inevitable. It’s nothing to fear

Thatcher's simplistic aversion to borrowing still haunts fiscal policy, but interest rates have been falling for many years

It is clear Boris Johnson has favoured his health advisers as he looks to ease the lockdown. Worries about a second coronavirus outbreak have clinched victory over concerns about keeping much of industry and commerce in a state of suspended animation.

After weeks of pleading by the Treasury to get the nation back to work, No 10 has opted to play it safe with people's health, and particularly older people. And no wonder, after a hapless first few months in which the UK leapt to fourth place in probably the most ignominious league table in modern history - that of Covid-19 deaths per 100,000 population - behind Belgium, Spain and Italy.

There are too many savings in the world looking for a safe haven for the demand for bonds ever to fall

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