Unprecedented citizen bailout measures have been taken by governments in the UK and France – and now in the US. Many of the government measures taken look arguably similar to Universal Basic Income policies.
As the cause and function of the economic crisis triggered by the COVID-19 pandemic differ from other recent economic crises, like the 2008 GFC, response interventions also need to transform. While the severity of current and future possible repercussions have pushed Governments’ to intervene, it is unclear how long these supportive measures will have to last.
There is huge uncertainty around the length of the pandemic crisis, and what a safe pathway out of social distancing measures looks like, given approximate timelines for vaccine development is at least a year. But the longer the duration, the more difficult it will be to return to the previous economic model – opening up space for potentially long-lasting change to happen.
Signal spotter: Joy Green