Mohamed El-Erian, chief economic adviser to insurer Allianz, says there are four things the UK needs to do to ride out the coronavirus downturn.

“The policy focus over time needs to evolve to deal with four mutually reinforcing priorities: relief to reduce the pain and suffering being experienced by the most vulnerable segments of the population in particular; measures to facilitate healthy economic activity during this period of ‘living with Covid'; countering the longer-term pressures on productivity and growth; and bolstering household economic security,” he told Financial News.