Coronavirus is a threat to the global economy as well as to public health. Every family will be affected and those who have less will feel it the most. In a globally connected world, we are only as strong as the most vulnerable. The government must take a long-term approach to this crisis and run the country like the future matters. In a crisis, uncertainty must be minimised. That is the lesson from the financial crisis in 2008 and every global crisis before it.

So first, we must agree with the EU to extend the Brexit transition period. Our businesses and our communities cannot cope with more uncertainty during this outbreak. British companies who trade with the EU do not know what terms they’ll be trading on in 10 months’ time. Add to this the falling demand and disruption created by coronavirus and it is reasonable to expect many businesses will not survive. The government has boxed itself into a corner by legislating to end the transition period in December come what may. It now faces a direct choice between narrow partisan ideology and the interests of the nation.

An extension will mean that British citizens living abroad will be able to access free health care for at least another year, that we are able to continue to access the Early Warning and Response System that helped us tackle the Sars virus and bird flu. Public safety is at stake. This must happen now.

Without clear and decisive action, the government risks leaving us wholly unprepared

Secondly we need to build the defences that will safeguard our economy from the ravages of coronavirus. The Bank of England could reduce interest rates to lower the costs of lending to business but, given interest rates are already low, this is not enough. We should introduce a government-backed guarantee to ensure loans are provided to companies that fall into trouble. We should immediately establish an emergency economic council, and include those who have experience of dealing with the 2008 financial crisis, unions and business leaders to monitor the economic situation as it evolves – introducing further measures such as reducing VAT rates and allowing for payment holidays to keep firms afloat, as well as help for people at risk of losing their homes.

My community in Wigan is still dealing with the legacy of the jobs, homes and livelihoods lost in the 1980s, and the scars last a long time. But the economy has changed since then; with a large number of people self-employed, working part-time or on zero-hours contracts, we have far less resilience.

That is why, thirdly, we need to think beyond the impact on employers and extend statutory sick pay to the self-employed and to the 2 million people who do not qualify from day one; otherwise many people will simply not be able to afford to self-isolate. This is a public health disaster waiting to happen. We must establish a Covid-19 workers’ taskforce with powers to protect people in insecure employment. This means being able to ensure workers are not under pressure to turn up to work when sick, do not lose their jobs if they self-isolate, and receive the sick pay they are entitled to. It will be agency workers in areas such as social care and gig workers who are most at risk of being forced to turn up to work. It is in nobody’s interests that they do.

Finally, with over-65s most at risk, we need the equivalent of a Marshall plan to protect our older people. Coronavirus has the potential to intensify the loneliness epidemic. Charities should be given access to an emergency fund to support their work, focused on those older people who do not have relatives living close by. With the cost of borrowing currently so low, the government has no excuse not to use Wednesday’s budget to direct emergency funding to social care, which will be under severe strain over the coming months. We should be encouraging people to take time off to look after ill relatives rather than increasing pressure on the health and care system. The government should offer to cover the pay of employees needing to become temporary carers.

The economic impact is already being felt. On Monday morning we witnessed the FTSE 100 on course for its biggest fall since the 2008 crash. Without clear and decisive action to address the public health, social and economic uncertainty presented by the rapid spread of coronavirus, the government risks leaving us wholly unprepared to deal with the challenges that lie ahead. We must act now.

• Lisa Nandy is the Labour MP for Wigan