Listen to "How do we pay back global debt after COVID-19?" on Spreaker.
We do not know how this pandemic will end. We do know that we will be poorer when it’s over: GDP is plunging around the world.
Millions of households have missed, or expect to miss, payments on at least one bill as a result of the coronavirus crisis, and could face serious consequences as a result, the charity Citizens Advice has said.
Since the lockdown started, millions of workers have been furloughed or laid off by employers, and seen their pay fall as a result.
Measures have been put in place to allow borrowers payment holidays and stall evictions, but the charity said that after these protections are lifted, millions face a “financial cliff edge”.
How are we going to pay back all this debt at both an individual and national level? This is the question posed in this episode.