Written by John Longworth
Extraordinary times demand extraordinary measures such as the scrapping of corporation tax and air passenger duty to get our recovery going.
Rishi Sunak’s upcoming emergency Budget will take place at a pivotal moment, at which we are simultaneously feeling our way, blind, out of the lockdown dungeon, while Boris Johnson reaches for a post-Brexit deal with the EU and we realise the enormity of the economic damage by the recent extended holiday millions of working people have taken on the furlough scheme.
Many businesses will simply lay off people at the end of furlough and wind up their operations. Without a radical approach, the economy will shrink permanently and there will be no capacity for growth.
We are not alone. The backdrop to all of this is that the world is in a queer place. China is flexing its muscles, breaking treaties, extending territory and using the Covid crisis as air cover for an economic and a literal land grab.