A positive outlook despite the currently bleak UK economic situation was the message from an online interview conducted on Thursday 26 November by Axiom Stone Chairman Jonathan Metliss.
Jeffrey Sacks, experienced City analyst and currently Head of EMEA Investment Strategy at Citi Private Bank, was responding to a series of questions from Jonathan in a Zoom conference organised by the Asian-Jewish Business Network.
On the colossal levels of Government spending to support companies and individuals through Covid-19, he thought it could be repaid by both growths, although more limited in the short term, and higher taxes phased in from next autumn.
There would be challenges with vaccines, such as production, distribution and public take-up. But he added, “We believe with the confirmation of a vaccine that the Government will be committed to keeping strong the financial bridge it has built to get us through to the other side of the pandemic and not raising taxes too soon.”
Mr Sacks felt the Government, working closely with the Bank of England, had done a “fantastic job” in the pandemic by recognising early on that aggressive support for the economy was needed.
Finally, he advised entrepreneurs not to “hunker down” in these darker times, but to focus on the UK economy fundamentals which will see a far stronger performance in 2021.
Axiom Stone Solicitors is a highly diverse law firm and a headline sponsor of the Asian Jewish Business Network (AJBN) which brings together business leaders from both communities.
AJBN’s 2020 activities have included inspirational speakers at live events producing active, highly productive connections. This has been followed by regular online meetings since March.
