Thursday, 23 April 2020

After Covid 19, The Recession

The immediate concern for most Brits is of course the Coronavirus which has killed over 15,000 so far in this country alone but we know that once we all stumble out into the daylight either with an armful of vaccine or nicotine patches, a wrecked economy is awaiting us and we hadn't even recovered from the last one.
After announcing that the Treasury is seeking to borrow £180bn over the next three months to help meet its financing requirements, a Bank of England official has warned after grim economic data showed business activity crashing at its fastest pace on record that Britain is experiencing 'an economic contraction that is faster and deeper than anything we have seen in the past century, or possibly several centuries'.
That we will emerge into yet another recession is a given and my concern is that this is the same Conservative Party who will guide us through the choppy waters this time is the same one who were so horrific in battling the last one.
A 2017 report from Medical Journal, BMJ Open, put the amount of deaths due to the Governments austerity measures over the last decade accounted for an additional 120,000 people who actually died versus the number of people who would have been expected to die in that period due to cut backs.
The scandalous cut backs to the NHS now being shown as the under-funding and under-staffing the reason the Nurses and Doctors are having to make do without PPE and medical equipment when they most need it. 
After ten years of hacking back anything that could ideologically be hacked at, it is hard to see just where further cuts can come from and we have Brexit at the end of the year to throw into the mix so as bumpy as this ride is at the moment, it could be about to get a whole lot bumpier once we emerge from our homes back into the World once again.

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