Three things we can do to save the economy from the effect of Coronavirus - Mark Casci

Growth forecasts are being slashed in the wake of the outbreak with slower consumer spending, disrupted supply chains and mass staff shortages now inevitable, the question of whether we are set for a downturn is now more one of when rather than if.

It is without a hint of hyperbole that I consider this is a clear and present danger to our way of life.

No person will be untouched by the outbreak and no business will be immune.

So what can we do to help ourselves through this? After a lot of contemplation, here are some suggestions:

1 – Support local business with all your might

Out of all the concerning elements to this grim chapter in our history – other than of course the threat to society’s health – it is the threat to our small business community that concerns me the most.

Readers of Saturday’s edition of The Yorkshire Post will have seen the extensive investigation my colleagues and I undertook into the impact Covid-19 is having on the region’s economy and it is our smaller firms, especially those involved in tourism and hospitality that are the most imperilled. Tourism is worth tens of millions of pounds to Yorkshire. Guest houses, hotels, restaurants and tea rooms that are so essential to our rural way of life continue to see the drying up of custom.

A great short-term boost can come from us all to lend these firm’s a helping hand. If you don’t want to go out to eat now look at buying a gift card or voucher. If you don’t want to risk a trip away book one for later in the year and see if you can pay some money up-front.

This puts cash in their tills and can hopefully allow them to weather the current storm.

2 – Help halt the spread of misinformation.

While the nature of science is one in which ideas are frequently called into question, the best course of action now is for us all to follow the advice and direction laid out by the Government and the chief medical officer.

Failing to listen to that direction will only lead to more confusion. Take for example the shameful and completely unnecessary panic-buying seen in our supermarkets in recent days.

All chains have made clear there is no danger of us running out of provisions and yet selfish individuals have chosen to deprive others of vital goods by buying more than needed.

Our supply chains are good. Please do all you can to stop people behaving this way.

The next time you read or watch a story about people fleeing war-torn countries in flimsy boats to Europe, remember in 2020 that parts of our own nation degenerated into literal fist fights over toilet paper for no good reason.

3 – Look out for each other.

Already there are fantastic examples of business pulling together. We need this more than ever. Managers need to be sympathetic to staff. Employees need to supported if they need to stay home for protracted periods of time.

Everyone needs to be flexible and generous every step of the way.

When the Blitz began during the Second World War, the Government was prepared for the ensuing carnage to take a heavy toll on the psyche of the nation.

It fully expected the bombardment to result in its physiatric wards overflowing.

In fact, the rate of people being admitted for mental trauma plummeted.

In the aftermath of 9/11, crime levels in New York City were a fraction of their normal levels.

The reason attributed to these two occurrences is that during times of crisis human beings instinctively band together to work for a greater good.

This spirit is what will see us through the coming months.

It’s time to physically wash our hands while holding out a metaphorical one to our brothers and sisters.