Helena Morrissey has urged ministers and scientists to “drop the fearful messaging” around the coronavirus and encourage UK commerce to get back into full swing in order to rescue the ailing economy.
Writing for Daily Mail on Friday, the St James’s Place non-executive director and former Newton chief executive said the “ultra-cautious” attitude being taken by policymakers is the exact opposite of what Britain needs right now.
She said the continuing disproportionate focus on coronavirus has created a persistent atmosphere of exaggerated fear which might have been understandable when the lockdown was imposed in March, but is now wholly unjustified by current data.
Morrissey (pictured) pointed to the fact that last Thursday there were “just 737 coronavirus patients in UK hospitals, compared with 17,000 at the peak in April”. Sixty-three were in mechanical ventilation beds, compared with more than 3,000 at the peak, she added, and there were eight deaths reported on Thursday, the lowest number for that day of the week since lockdown began.
Employment crisis will cause ‘grave damage for years to come’
On an economic level, Morrissey pointed to a wider employment crisis starting to grip the economy that “will cause grave damage for years to come”.
“It is estimated that at least 135,000 jobs have already disappeared and this figure is likely to be dwarfed in the autumn when government employment protection schemes are due to end,” she wrote. “So far, the Treasury has poured more than £30bn into its furlough initiative, protecting more than nine million employees, as well as another £50bn into business loans and £8bn into grants for the self-employed.
“What we need is to begin a real return to normality: ministers and scientists must drop the fearful messaging of late and open up commerce with vigour and determination. They must make it clear that the only alternative to economic catastrophe is getting back to work now.”
Change of view from earlier in lockdown
This view is in contrast to one Morrissey expressed in a piece for the Financial Times in May. In this piece, Morrissey called for the investment industry to exploit remote working changes implemented during the coronavirus lockdown to create more productive and inclusive workplaces.
Remote working had been a practical illustration of what was achievable, she said, adding for many people, working from home had improved wellbeing and productivity.
“Modern ways of working, more engaged leadership, smarter use and higher prioritisation of technology, and closer relationships with colleagues and clients are all, finally, being shown to be not just possible, but desirable.
“Colleagues who would never have shared aspects of their lives outside the office are now offering and receiving glimpses into each other’s worlds. Remote working has made us more human.”
Problems outside the economy
In her latest piece, Morrissey also said on top of the economic damage, the Covid lockdown has brought a host of social problems, from fractured relationships to an increase in excessive drinking, noting that in July alone, alcohol sales were up by 40%.
“Then there are the profound feelings of alienation and oppression, so different from the freedoms we took for granted until recently.”
She added: “Of course, we cannot be complacent when it comes to this novel virus. But that ultra-cautious attitude is the exact opposite of what Britain needs at this dangerous moment in our history.”
