Responding to a grim outlook

The spending review signals a new mission for country and universities alike, says Andrew Westwood

According to the Office for Budget Responsibility, the UK economy is expected to shrink by 11.3 per cent this year and is estimated to be 3 per cent smaller in 2025 than was forecast in the March budget.

Underlying debt is forecast to rise to 97.5 per cent of GDP in 2025-26. There will be £394 billion of borrowing this year and eventually the government will have spent some £335bn on tackling the coronavirus. These numbers will transform the economy for the next decade, along with the shape and purpose of the state.