I READ with dismay that Rishi has been captured by the “dark side”. It has taken a few months from when he announced the Job Retention Scheme (furlough) back in March/April. It has taken a wee bit of time and cajoling, but it seems they have him “back on message”.
One analogy used to explain things to the great unwashed is “You can’t borrow your way out of a hole”. Easy to understand and quite visual, but it is wrong strategically and logically.
We need a “ramp” to allow all of us to walk out of the hole together, rather than a ladder. A ladder has limited bandwidth, which restricts who can get onto it, and only those with the resources to get on the ladder can get out of the hole. Those who do not have the resources get left behind in the hole.
READ MORE: Rishi Sunak warns UK can’t ‘borrow our way out of a hole’
This population makes a major contribution to the economy, and being “left in the hole” limits our economy and its ability to return and repay the current debt mountain. Isn’t this like shooting oneself in the foot just before a marathon?
As businesses fail, and they will, one of the most important resources will be lost. Human resources that contribute to the success of business.
Rishi needs to extend the furlough for “targeted” businesses or pass the ball to the devolved nations.
Alistair BallantyneBirkhill, Angus