Whenever the finance minister presents to Parliament a fresh set of Budget numbers for the current financial year, the immediate impact of Covid-19 on the fiscal situation will become known — and inevitably become the focus of the discussion that follows. The fiscal stress caused by Covid-19 is unavoidable; indeed, many would argue that the government should have opened its purse strings a little more. While that is as it may be, what should concern us (and which may get lost in the focus on Covid-19) is the fiscal regression of recent years as the economy slowed. It is this
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