The public comes first
EXTRAORDINARY times mean extraordinary measures. Rishi Sunak’s cannonade of cash to protect jobs yesterday represents an unprecedented state intervention into the economy that seems unthinkable from a Tory government.
Piled on top of the £350billion loan fund for businesses announced earlier this week, the Chancellor’s massive injection into payrolls and the benefit system dwarfs even the bailout of the banking system carried out following the 2008 financial crash.
Downing Street insiders say the Government’s response to the economic impact of the global health emergency is being shaped with that last economic meltdown in mind.
This time, they are determined not to make the same mistake of bailing out fat cats while leaving households to suffer the squeeze.
One senior Government source told me: “Our approach through this nightmare is to look after the public.
“After the 2008 financial crisis, many felt the banks were bailed out while ordinary households were left to suffer the consequences. This Government will never forget that the public always comes first.”
Boris Johnson ended his press conference last night on that note, signing off: “To the country, this time it is different.We all know what happened in 2008.
“This time we want to make sure, as we heal the economic damage that this is causing that we put the people first.”
The Prime Minister has repeatedly acknowledged that people are being called on to make astonishing sacrifices through this new dark hour.
Yesterday’s bout of intensive care for the stricken economy shows his Government’s determination to make sure those sacrifices are worthwhile and leave the UK ready to bounce back to health as soon as possible.