The silver lining to the coronavirus debacle

There isn’t much obvious upside to the Covid debacle. But perhaps there will be a long-term silver lining, in the form of a push for reform of the government machine.

Matt Hancock ©
Matt Hancock: demonstrating the state’s limitations
(Image credit: © Jessica Taylor/UK Parliament handout/EPA-EFE/Shutterstock)

We have turned to the state to protect us in a most extraordinary way, note John Micklethwait and Adrian Wooldridge in their latest book, The Wake Up Call. We have given up “our most cherished liberties”, including the right to leave our own homes. Terrified on the one hand of death, and on the other, economic ruin, we have allowed the state to regulate – and finance – our every move.

This could have been nice for those who went into politics to control others: the whole thing has made them very important and very powerful. The problem is that it has also revealed they aren’t very good at using said power. In the UK, it seems we have a substandard health service; an inadequate bureaucracy; and a decision-making system that is both too centralised and too localised. Our government has been growing bigger for years. It has most definitely not been growing better (something Dominic Cummings has long been pointing out). Perhaps we might end this crisis thinking about how to do less, but better, rather than continuing the long-term trend of doing more, and worse?

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.