Bounce Back Bigger is a major series of events which aims to inform the policy debate on the economic recovery and present radical ideas to get jobs, investment and wages growing as strongly as possible.
On Tuesday 14th July we hosted the third event in this series which considered Breathing space: How do we ensure excessive debt does not hamper the recovery? The CityUK estimate that by March 2021, UK businesses are likely to face between £97bn to £107bn of unsustainable debt. Public sector net debt exceeded more than 100 per cent of GDP on Monday for the first time since 1963. Households went into the crisis with high levels of debt. The risk is that excessive debt creates a paradox of thrift effect as firms, governments and households seek to deleverage over jobs, investment and consumer spending. What can ministers do to mitigate this risk?
We were grateful to have contributions from Professor Jason Furman, Professor of Economic Policy at Harvard University and Chair of the Council of Economic Advisers to President Obama, Peter Oppenheimer, Chief Global Equity Strategist and Head of Macro Research in Europe at Goldman Sachs and Rupert Harrison, Portfolio Manager at BlackRock and Chair of the Council of Economic Advisers to George Osborne.
Watch the webinar here: