Chancellor 'reassures' public as pandemic fears mount

NEW BOY at No 11 Downing Street, Chancellor Rishi Sunak was a 'reassuring figure' with his moves to protect people from the financial impact of the coronavirus crisis, a veteran Conservative said this week.

He said the new chancellor - who only entered Parliament in 2015 and has been in office just a month - had made a 'historic announcement' about spending to protect jobs.

Nick de Bois, a Tory veteran, former MP for North Enfield and chief of staff and special advisor to Dominic Raab when the Foreign Secretary was Secretary for Brexit, said the support was essential to keep people available to help economic recovery.

However, he said panic buying in the UK was 'shameful' and called on people to be responsible and abide by efforts to enforce self-isolation to protect the NHS from being swamped.

Nick, a frequent visitor to the Costa Blanca, was speaking on Bay Radio from his UK home about the 'baptism of fire' that faced the chancellor.

He said Mr Sunak’s 'extraordinary statement' explained how the government would help pay people’s wages by preventing workers being sacked or made redundant; instead put into a holding 'furlough' - adding “it’s a huge relief for businesses”.

Nick said the chancellor 'has cut a very reassuring figure' from the budget on March 11 with a package designed to aid business and the economy 'and culminating in this announcement to get money into people’s pockets.'

He agreed that so far there appeared little for freelance workers or those in the so-called ‘gig economy’ but said, “I have little doubt they are next on the list to receive a supportive hand.”

The support - up to £2,500 a month - was temporary but no one knew how long the crisis would last, 'three months, six months or a year...but it is temporary'.

Economy

Nick continued: “It is giving employers a chance to keep these people who have tooled up and can kick back into action when the economy is getting going again.

“If you think about it, we are the fifth largest economy in the world and it means there is an awful lot at stake. The economy is going to take a dip, there’s no doubt about that - but this is a sensible mitigating factor.

“The chancellor himself said there’s no limit; it’s true, the government can borrow as much money as it likes but there will be a day of reckoning and payback.”

He added, “This is in stark contrast to what happened in 2008, 2009 and 2010 when it was the banks getting the money this is people getting the money and businesses helped to keep going.

“What the chancellor said is very clear; there is no limit - he has opened the cheque book.”

Nick said the video released by an emotional nurse finishing a 48-hour shift and devastated at being unable to buy fresh food had put panic buying in the headlines - with government figures saying such irresponsible people 'should be ashamed of themselves'.

He said: “There’s no excuse for this behaviour; there is a ruthless selfishness about

Politician praises support for workers - but slams panic buying

it...there’s nothing wrong with the food supply chain but it is like a Christmas demand every day without the supply to meet it. There is £1 billion of excess food in British households and that is absolutely shameful.”

However, he said there were plusses; as people went into isolation, groups were forming locally to help them “It’s a great thing - quite a lot is going to change in the future - I think when this is over, we can come together a little more.”