The Spectator

Taking off Who came up with the concept of ‘helicopter money’? — The term is derived from an essay in 1969 by the economist Milton Friedman, who suggested a theoretical experiment where a helicopter flew over a community suffering from low growth and dropped $1,000 of banknotes which were then eagerly collected by the residents and spent. — The idea was revived in a speech by the then chairman of the Federal Reserve, Ben Bernanke, in 2002. — Come the banking crisis, however, central banks opted for an indirect way of pumping extra money into the financial system, via quantitative easing.

It’s always tempting for governments to respond to economic trouble with a debt-fuelled spending splurge, but it’s a notoriously blunt tool. The root of the current problem is not financial panic but a rational response to the coronavirus. People are travelling less, staying away from shops and the workplace, delaying various projects, and they will keep doing so while the uncertainty remains. This disruption is painful but temporary. It is not symptomatic of financial malaise. It would be a mistake for the Conservatives to use this as a pretext to abandon their five-year plan to control the public finances. The £30 billion stimulus to address jitters over coronavirus was quite a figure, especially as the extent of the economic impact of Covid-19 is far from clear.

News broke this morning that the former head of the Equalities Commission Sir Trevor Phillips had been suspended from the Labour party over allegations of Islamophobia. Phillips has spent his career documenting the realities of race and integration in British life.  The think tank Policy Exchange has now released the correspondence between Sir Trevor and the Labour party disciplinary department. Phillips is a senior fellow at the research institute.

Home After a Cobra emergency meeting about the coronavirus Covid-19, when the number of cases in the United Kingdom had reached 40, Boris Johnson, the Prime Minister, said that they had ‘agreed a plan so that as and when it starts to spread — as I’m afraid it looks likely that it will — we are in a position to take the steps that will be necessary’. The plan expects up to a fifth of the workforce to be off sick during the peak of an epidemic. After a week in which shares lost 12 per cent of their value, the Bank of England said that it was working ‘to ensure all necessary steps are taken to protect financial and monetary stability’. The Budget had to be adjusted.

The government has released its official action plan to deal with the coronavirus epidemic, warning people that 'we are all susceptible to catching this disease'.  During a press conference at Downing Street this morning, the Prime Minister told reporters that the government's plan involved four phases: 'contain, delay, research, mitigate'. Boris Johnson said: 'Let me be absolutely clear that for the overwhelming majority of people who contract the virus this will be a mild disease from which they will speedily and fully recover'.  However, he added: 'It is highly likely that we will see a growing number of UK cases'. There are currently 51 known cases across the UK.

A cornerstone of any -functioning democracy is the separation of police and the courts on one hand, and government and parliament on the other. Where the latter are charged with making the law, they should never, ever be allowed to interfere with the enforcement of that law. Politicians have no power to tell the police what to investigate. As Lord Denning once observed, no policeman is subject to orders of the Secretary of State: ‘No minister of the Crown can tell him that he must, or must not, keep observation on this place or that. Or that he must prosecute this man or that one… He is answerable to the law, and to the law alone.’ In Britain, for most of the time, that separation has been respected.