{"id":143476,"date":"2020-04-21T00:30:10","date_gmt":"2020-04-21T00:30:10","guid":{"rendered":"https:\/\/www.bnreport.com\/former-uk-chancellor-pushes-to-reopen-economy\/"},"modified":"2020-04-21T00:30:10","modified_gmt":"2020-04-21T00:30:10","slug":"former-uk-chancellor-pushes-to-reopen-economy","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/former-uk-chancellor-pushes-to-reopen-economy\/","title":{"rendered":"Former UK chancellor pushes to reopen economy"},"content":{"rendered":"

LONDON \u2014 The U.K. should start reopening its economy now and assume the coronavirus will continue to circulate in the country for quite some time, former U.K. Chancellor Philip Hammond said Monday.<\/p>\n

Speaking on a webinar organized by the think tank Chatham House<\/a>, Hammond said the U.K. should get ready for new business models, the failure of some firms, the loss of jobs, and changes to government priorities \u2014 warning it might reduce emphasis on tackling climate change.<\/p>\n

\u201cWeve got to start reopening the economy and I think the sensible compromise is to reopen it around a set of conditions which assume that, for the time being, we are coexisting with this virus rather than conquering it,\u201d he said.<\/p>\n

Public and private signals from the U.K. government suggest it intends to pursue a more cautious approach<\/a>, with significant concern among political and scientific advisers about a second peak in infections causing more damage, both to public health and to the economy.<\/p>\n

Hammond said the government should look two or three weeks ahead, and start engaging with businesses on how the economy will be reopened, even though some restrictions will have to continue for some time. \u201cIt is vital that business is ready for the green light\u201d when the government decides to give it, he said.<\/p>\n

The former chancellor warned the British economy will be \u201cdifferent\u201d after this crisis. International trade will also be \u201chugely challenged\u201d by the immediate consequences of the virus, he added, warning that the U.K. should be \u201cvery careful\u201d not to walk into heightened protectionism and \u201cnew explosive tensions around trade, state aid and unfair competition issues.\u201d<\/p>\n

Hammond, a vocal supporter of a close relationship with the EU after Brexit, said both British and European economies have taken a \u201csignificant shock\u201d from the coronavirus and that \u2014 in reference to the end of the Brexit transition period \u2014 it \u201cwould be unwise to Read More \u2013 Source<\/a>
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