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PETER YOUNG: Are we doing enough to prevent economy being left in ruins?

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Peter Young

In writing further about the coronavirus crisis - now being called the greatest ever threat to the world in peacetime - I offer comment this week on the latest developments in Europe, including Britain, and here at home as well. The crisis affecting so many countries has become nothing short of a human catastrophe and the most serious global health challenge of our times. Its effects have also had a horrifying impact on the world economy and have disrupted modern society on an unimaginable scale.

As of yesterday, there have been more than 700,000 infections worldwide and some 20,000 deaths in Europe, with Italy recording 10,000 fatalities – the most anywhere in the world – and Spain some 6,000. In the UK, there have been more than 1,000 deaths with 17,000 people testing positive for the virus. In a letter over the weekend to 30 million households, Prime Minister Boris Johnson warned the situation will become worse before improving and stressed the importance of social distancing, a message that has been repeated so often that even those who are still asking what all the fuss is about should take heed of by now.

The UK government has produced what appears to be a generous financial bailout and support package designed to help keep afloat as many floundering businesses as possible and also to assist the self-employed. The new Chancellor of the Exchequer (Minister of Finance) spoke in inspiring fashion in defining the crisis as a ‘generation-defining moment’ that had to be met with a collective national response. The government is also opening new hospitals, extending coronavirus testing to National Health Service staff and increasing supply of equipment like ventilators, surgical masks and gloves and hand sanitisers.

Meanwhile, the situation worsens by the day in the US. Ever the accused villain of the piece, President Trump has been criticised for his government’s slow and inadequate response, particularly the lack of testing that meant the spread of the virus could not be tracked properly. But, as well as extending the emergency measures until April 30, he has signed the $2.2 trillion stimulus bill which will surely be a lifeline to the domestic economy after more than three million Americans applied for unemployment benefit last week, the largest number in US history.

To my mind, much of the criticism of both the US and UK governments ignores the fact that a silent and invisible virus on this scale - and without any real prior warning - was bound to challenge even the most well-funded and equipped health system. Despite the situation probably becoming worse in the immediate future, the UK may not be that far off a peak of positive cases while the US may end up with the worst outbreak in the industrialised world – ‘Trump tops the world’ was the headline, but how grotesquely inappropriate and insensitive was Hilary Clinton’s reported tweet that ‘he did promise America First’.

In The Bahamas, with 14 cases of COVID-19 confirmed as of yesterday, the Government’s emergency measures announced on March 17 seem to have been effective in limiting any real spread, though it can only be speculated whether there would have been more cases without such draconian measures. No one can know this for sure, but people instinctively accept that such tough action is for the common good because health and the preservation of life must be any government’s top priority - as one British government minister put it, you cannot put a price on people’s lives.

Now, the 24/7 curfew has been extended by eight days. Surely, few would disagree with this despite the personal inconvenience to so many and the inevitable continuing serious effects on the local economy when businesses are forced to remain closed.

It is interesting that, after initially criticising the Prime Minister, the PLP changed tack and supported him when just about the whole country seemed to think Dr Minnis’ emergency measures were correct and timely. Not to have done so could have been ruinous politically.

The economic consequences of an extended lockdown are incalculable. But it looks almost certain that without some sort of financial support from the government such a lockdown could destroy the local economy. So, in light of the stark reality, the question is, even if everyone survived the current crisis, how would they fare in the longer term if the economy was in ruins. Since the main driver of the nation’s wealth is tourism - and we have no control over when visitors from the US, Canada and Europe are likely to return - the only thing left is the remaining parts of the economy which are needed to sustain us, not in some distant future but right now.

The Minister of Finance is quoted as saying that after the first case of Covid-19 about two weeks ago the government announced several relief measures for workers in the tourism industry who have been most affected by the crisis. But so many others are hurting as well and they have to be able to put food on the table.

Finance Minister Peter Turnquest announced a series of new measures offering some assistance yesterday but I fear it does not go nearly far enough. Many countries have accepted they must throw huge sums at the problem -  to keep families safe and fed, to keep businesses afloat through the crisis - not just to start up again when the pandemic fades away.

Is it not possible, for example, to be more selective in determining the list of essential services as long as assurances can be given about observing social distancing, and should this not be under constant review during the lockdown period? Moreover, could not the government be more flexible in allowing businesses to open on a restricted and rotating basis, as suggested by my fellow columnist, Diane Phillips, in this newspaper last week?

The whole world order in finance is changing before our eyes.  Now is not the time to be overly concerned about pressure on the nation’s foreign currency reserves even though it is important to maintain suitable levels of reserves in order to maintain parity between the Bahamian and US dollar. For this is a national emergency requiring immediate action.

Long-term considerations about the economy and worrying about matters like the credit agencies’ ratings should surely be put aside in the short-term in order to concentrate on measures to enable the economy simply to survive – even if that means taxes will have to be increased in the longer term.

This virus respects no-one, whoever you are

In recent weeks, people in Britain have become so accustomed to watching the regular briefings about the virus crisis by Boris Johnson, flanked by the Chief Medical Officer for England and the government’s main adviser Professor Chris Whitty, that they probably found it hard to believe these two could themselves become infected with COVID-19.

So it was a surprise to many that Mr Johnson announced a few days ago he had tested positive. He is, therefore, now holed up on his own for 14 days in the spacious flat at No 11 Downing Street next door to No 10, the famous office and residence of British prime ministers. He is reported to be continuing to work by using video conferencing and he remains in charge of the government. Meanwhile, Professor Whitty declared he was showing symptoms of the virus and would be self-isolating at home. In addition, the Health Minister, Matt Hancock - with whom both were in regular contact - has tested positive and the trio are now being accused of failing to practise what they have been preaching about social distancing.

Earlier, of course, Prince Charles also tested positive and it was announced at the weekend that Spanish Princess Maria Teresa had died of complications from coronavirus at the age of 86. There are reports Prince Charles is coming to the end of his self-isolation at The Queen’s royal residence of Balmoral in Scotland. He is said to be in good spirits but there are concerns about the last time he was in contact with his mother, which apparently was as recently as March 13 - and, reportedly, infection from him cannot be ruled out.

So this virus respects no-one, whoever they might be, and everyone is vulnerable. It is now well known that social distancing remains the key in order to guard against its spread. From what I have heard, most people who have tested positive are all too ready to self-isolate for the incubation period of the virus if that serves to prevent them passing it on to others. But still, it seems, the government is having difficulty in persuading people that it is even better to stay away from other people in a bid to avoid contracting it in the first place. That would have been all but impossible for the Prime Minister who has paid the price accordingly. But his approval rating is currently high and many will wish him well while he awaits a full return to his duties.

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Bob Weighton

What’s your secret Bob? I have no idea

To lighten the gloom and despair a bit, a happier tale to relate is the 112th birthday of the oldest man in the world. Having written last week about the 103rd birthday of Britain’s national treasure, the famous singer Vera Lynn, I cannot resist drawing attention to the story of Englishman, Bob Weighton, a former teacher who celebrated his birthday on March 29 – and he did so this year as the oldest man in the world following the death in February of the Japanese previous holder of that distinction.

Living in his own flat in the town of Alton in Hampshire in the south of England and supported by family and friends, this now 112-year-old great-grandfather remains in relatively good health and pursues his hobbies of reading and making model windmills. As someone over 110, he is called a super-centenarian and he has received ten traditional birthday cards from The Queen, but he now says he does not want to give her the trouble of sending him any more greetings!

Mr Weighton says he is surprised to have lived so long and cannot account for his great age for he never planned it and has no secret to his longevity. He has remarked that the ‘world’s in a bit of a mess’ over coronavirus and this worries him because ‘nobody knows what is going to happen’.

Coincidentally, Britain’s oldest woman, Joan Hocguard, of Poole in Dorset also in the south of England, not only shares a birthday with him but also reached the same milestone of 112-years-old on March 29. So, the pair are the joint-oldest people in Britain and have wished each other a happy birthday.

According to UK press reports, there has been talk of the importance of kindness during the course of their long lives and that the joy of family and friends has been ‘at the heart of everything’.

Such longevity combined with good health is a remarkable achievement, and it seems that both of them have been well looked after and provided for in their declining years. But, perhaps it also reflects well on Britain, indirectly, as a nation in which, generally, the old, frail and vulnerable are not left to feel abandoned because, if families are unable or unwilling to protect them, society is equipped to provide a safety net and step in to do what is required – in the name of human kindness.

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