The message from this review work is that here too we need to see a step change in operational capacity and a mindset change in terms of tackling, rather than deferring, problems.
Closer to home, the outcome of the negotiations on the future EU-UK relationship is also of relevance to the macro-financial outlook. The immediate strain on households and businesses as a result of the economic shock has resulted in a necessary increase in public spending: fiscal policy is the first line of defence given the unprecedented collapse in economic activity.