BUDGET STATEMENT 27 February 2021 The Budget will need to address two once in a century events at the same time: The effects of the Coronavirus pandemic and the UK’s departure from the EU. [...] The Chancellor should be able to look through the fiscal consequences of the pandemic, to some degree at least. [...] Lifting the lockdown and completing the distribution of the vaccine should enable a substantial recovery in output and the public finances. [...] The government can lock in current low rates by extending the maturity of government debt, increasing the share of perpetual bonds to the maximum, as was done during WWI. [...] We are in favour of the much-touted idea of establishing free ports, especially in the towns and cities in the north that have suffered disproportionately over the last few decades.
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