Andy Haldane

“On average across the G7 economies, public debt now exceeds annual national income. Prior to the GFC, it was less than six months’ national income.”

“In the UK, public debt relative to national income has trebled in less than a generation.”

“The GFC cost the average G7 government around seven–eight per cent of GDP.”

“Covid cost more than three times that amount.”

“Brexit is estimated to cost the UK perhaps four per cent of GDP.”

“The recent cost of living crisis cost the UK two–three per cent of GDP.”

“The ongoing geopolitical crisis, if countries step up to the 5per cent of GDP target for defence spending suggested by NATO, could cost an extra two per cent of GDP per year.”

“Entry and exit rates for UK firms are around a third lower today than at the time of the GFC.”

“Since the GFC, fearfulness has led to rates of job churn, entry and exit, falling by around a third in the UK.”

“Productivity has flatlined since the GFC, rising at around a quarter of its pre-crisis rate.”