Thursday, 5 November 2020

A-furloughing we shall go

With the current (reanimated) furlough scheme due to end at the end of November, and the hard realities of economic Brexit coming a month later, the though of a double hit on the 1st of two months in a row was more than worrying.

But the Chancellor, has today, announced that the furlough scheme will be extended to the end of March, thus protecting the economic fallout from COVID and Brexit.

It makes sense to me, but is a total u-turn (!) from his position in September when he announced furlough's replacement.

Even the Chancellor gets it wrong.

But what does that say about the state of the country and another £100 billion quid in debt for the future to pay for?

More Government bonds with guaranteed returns, that the rich and connected will be able to snuffle up and insulate themselves aganst the rough weather ahead.

I am no expert in finance, and clearly furlough was the right thing to do, but how to finance it is a serious question, and under Corbyn, Labour had suggested buying up and selling on student debt instead.

Meanwhile, Sainsubry's is to close all delis, meat and fish counters in its stores and 400 Argos stores across the country.

The double whammy of COVID and Brexit continues to repay.

No comments: