Coronavirus recovery needs radical new ideas or we will face misery – Jim Duffy

Politicians need to be open and honest about the scale of Covid crisis and work closely with no-nonsense business leaders, writes Jim Duffy

Entrepreneurs like Elon Musk are doing well, but the future does not look bright for many of us (Picture: Joe Raedle/Getty Images)

Prepare for a winter of discontent, malcontents and general misery. And while I, thankfully, do not have the Medusa Touch to will this to happen, like Richard Burton in the film of the same name, this pandemic has ensured it is going to. Believe it or not, right now, today, we are in the good times. And that may feel a bit odd as people lose lives, loved ones, jobs and, in many cases, hope. But, while the dark nights have not drawn in as yet, they are coming. And with them, black clouds and anxiety. Now, more than ever, we need honesty from politicians.

But all is well, I hear many of you say. The stock markets are flying and a V-shaped recovery is taking place. Apple is at an all-time-high value as Wall Street’s first $2 trillion company. Elon Musk, the Space X and Tesla guy, has seen his private wealth rocket by a factor of two to $90 billion and the S&P 500 stock index has also hit record highs. There must be money out there – shoots of significant recovery and “hopium” abound. You’d be right if you were the CEO of Apple or Mr Musk – but what lies ahead is the price of it all.

Europe is skint. The UK is skint. The USA is skint. Governments have borrowed trillions to shore up the pandemic-ridden economies that now feed on stimulus and debt. But, while all this stimulus money has been plentiful, it has not reached you and me in meaningful amounts. As you see, those at the top are reaping the rewards as corporate bonds and liquidity pours into markets.

Something sinister in the wind

Even the furlough scheme, which has been great for so many, will now come to an end and has to be paid for somehow. The debt has been building up and, trust me when I tell you, the writing is on the wall. We never saved for a rainy day and the roof has gaping holes.

While we may not all have economics degrees from Oxford or MIT, we too know that something sinister is in the wind. Job losses are just starting. British Airways, EasyJet, Quantas, Debenhams, Hays Travel, Airbnb, Airbus, Marks and Spencer, River Island, TSB, Pizza Express... and so it goes on. In Scotland, with the oil industry on its knees, Petrofac, Halliburton, Sodexo, Weatherford and more have laid off workers and plan for more cuts. Footfall in shopping malls is down despite them opening up. Car sales across the board are down. New car sales are down a third in June this year when compared with a year earlier. And it will only get worse. A lot worse.

You may be thinking now that I am one of those souls suffering from depression as this ailment has increased by a factor of 20 per cent over the last six months. One in five people appear to have depressive symptoms compared with one in ten before the pandemic, this according to the Office for National Statistics.

More prepared for nuclear war than this

But, while this does not augur well for the general state of health in our nation, I am not there – yet. I can sense it in those around me, though. It is sneaking up on them, percolating around societies in all countries. But rather than gloss over everything, pretending it will just go away, we should be honest and seek honesty from those who lead us.

The bad dream continues and we need strong forward planning and frank government to get us through this winter – and what is to follow.

Medusa has done her job well in a global pandemic that we were not prepared for. Let’s be honest, we were more ready for a nuclear war and its fallout than a disease-ridden war.

So, having set the scene and probably not cheered you up much, if at all, there has to be some silver lining. There has to be an endgame where we can win through and get back to normal? Well, I’m afraid to say – there is not for the next two years. But, what we can do is work out how, as a nation, we work together.

We need fresh ideas

What would bring me hope is a simple whiteboard with a couple of drywipe pens, let’s say red and green. Around this whiteboard I’d like to see a couple of economic gurus such as Raoul Pal and the CEOs from Barclays Bank and NatWest bank. I also want two top entrepreneurs, say Chris van der Kuyl and James Watt from Brewdog. They won’t take any nonsense. Then I want the First Minister, the Finance Secretary, and they each get to bring their own picks.

So, about ten people – live on TV – whiteboarding, ideating and figuring out a new plan for Scotland for the next two years.

They have five two-hour televised sessions and they come up with ideas, strategies and outcomes that can help navigate the misery that will come.

We can vote and comment on social media or wherever we like.

This may actually make us feel a bit better. Why? Because we can see how our future is being shaped and how economic policies are being put together within the context of survival for Scotland as this winter approaches. Get the top brains out of smoke-filled rooms and onto the playing field, where they can challenge and steer our politicians, who can then execute a plan that has been agreed and is open and transparent.

It’s time to think and act differently – in a big way. Otherwise Medusa will pile on the misery.

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