We’re in the big spending phase now, as ministers pull out the policy stops to protect jobs and livelihoods amid the economic cataclysm brought on by the Covid-19 lockdown.

Some analysts think the UK government’s deficit this year will exceed £200bn. That would translate into a tenth of our national income, or Gross Domestic Product.

The state hasn’t borrowed so much since the peak of the global financial crisis in 2009.