New U.K. Lockdown Signals Worsening Economic Outlook
The implications of a variant of Covid-19 will play out beyond the borders of Britain and complicate the progress made toward a return to normalcy.
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British Prime Minister Boris Johnson and members of his government risk significant political damage for their decision on Saturday to introduce extremely tough restrictions on London and parts of the southeast England and withdraw a significant part of the social accommodations they had announced for Christmas gatherings. Yet as Johnson said in a widely watched briefing to the nation, “when the science changes, we must change our response.” The consequences will be felt well beyond politics, social interactions and mental wellness. They will also play out in an economic outlook that is likely to deteriorate both in scale and scope, nationally and globally.
The cause for the lockdown is the identification of a new variant of the Covid-19 virus. This strain is said to spread much faster and already accounts for more than 60% of new infections in London. As such, and again quoting Johnson, “when the virus changes its method of attack, we must change our method of defense.”