What now for Britain's economy – a new direction, or business as usual? | Larry Elliott

The coronavirus crisis provides an opportunity to stop two centuries of decline. But that's going to take a lot of courage

The day the World Health Organization declared Covid-19 a global pandemic was also the occasion of Rishi Sunak's budget. Announcing an extra 12bn to fight the virus, Britain's newly appointed chancellor said the measures were temporary, timely and targeted".

That was less than six months ago, but it now feels like a long time. Within days of the budget, Sunak's three-Ts approach became redundant. The economy was in a deep freeze, and the country had gone into full lockdown.