The latest UK national lockdown represents a new kind of challenge for the Government: to articulate to Covid-weary households and businesses that things will soon get better, but first they will worsen. An ambitious national vaccination campaign is underway, raising hopes that the end of the pandemic is in sight. However, at the same time we are in the grip of the virus with rates of infection soaring, exacerbated by a virulent new strain. The latest lockdown aims to protect the NHS and save lives, but it will also increase business failures. Indeed, once Covid-19 is finally brought to heel, the next challenge will be the Covid corporate debt mountain, amassed by companies forced to accept additional leverage through government loan schemes to bolster their survival prospects.