{"content":[{"text":"of firms would have failed in the first two years, far above \n the normal rate and similar to during the Global Finanicial \n Crisis. Almost a quarter of firms in the Accommodation and \n Food sector would have failed. The reasons for individual firm \n failure are multi-factored and simple “domino effects” are \n rare.","bbox":{"left":0.071429,"top":0.056562,"width":0.857124,"height":0.138931}},{"text":"The UK rapidly mobilised a large-scale firm-level support \n programmes from spring 2020, including the Coronavirus Job \n Retention Scheme (CJRS) “furlough” program and a credit \n guarantee that helped businesses to borrow.","bbox":{"left":0.071429,"top":0.216916,"width":0.857139,"height":0.09082500000000004}},{"text":"The massive policy response has been highly effective in \n supporting output and avoiding firm failure. The initial fall \n in output was reduced and the policy support allows activity \n to recover after two years to close to what it would have been \n without Covid-19.","bbox":{"left":0.071429,"top":0.329163,"width":0.8571570000000001,"height":0.11487800000000004}},{"text":"Figure 1. With massive policy support, the depth and \n persistence of the Covid-19 loss of output has been reduced","bbox":{"left":0.071429,"top":0.465463,"width":0.856977,"height":0.04271900000000001}},{"text":"Source: Authors’ calculations based on CAB model. \n The model predicts that the rate of firm failures","bbox":{"left":0.071429,"top":0.885376,"width":0.7111800000000001,"height":0.041330999999999896}},{"text":"with","bbox":{"left":0.798956,"top":0.908041,"width":0.056545999999999985,"height":0.01866599999999996}},{"text":"this","bbox":{"left":0.87185,"top":0.908041,"width":0.056545999999999985,"height":0.01866599999999996}}],"images_bbox":[{"left":0.084028,"top":0.531369,"width":0.831946,"height":0.34825}],"images_bbox_not_text_overlap":[{"left":0.084028,"top":0.531369,"width":0.831946,"height":0.34825}]}