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Banks return the favour
ICAEW’s John Mongelard looks at how the banking system is helping and supporting businesses at this difficult time.
In case you are in any doubt these are unprecedented times. We’ve not seen churches shut in England for over 800 years, since 1208 AD. And gold which is usually seen as a flight to safety has seen its price go up and down. Cash really is king.
The government response is also peculiar. Usually when we have had crises before governments have tried to boost economic activity. We wanted the economy (and tax receipts) to recover after a downturn or natural disaster. But this time governments are being forced to suppress nearly all economic activity, through lockdowns, to stop the transmission of the disease.