Small businesses and sole traders left high and dry by UK coronavirus package
Firstly, let’s recognise the fact that the UK Government doesn’t have easy access to £350 billion of funding. Therefore, as in 2009, the government will have to use Quantitative Easing (QE), the creation of new money, to pay for this support package. Secondly, the package provides cover for the government to bring in more austerity, a philosophy which matches the Conservative fiscal approach verbally (and somewhat falsely), abandoned in the run-up to the 2020 General Election. Finally, £330bn may seem like a huge sum. However, it is not going to be enough because they will also have to bail out the people, not just the banks and big corporations this time. You can read my thoughts on this in my article: “This time the people will need a bail-out”.
How coronavirus will damage the economy: Read more: https://www.businessforscotland.com/small-businesses-and-sole-traders-left-high-and-dry-by-uk-coronavirus-package/
Written by Gordon MacIntyre-Kemp