Call that a global crisis? This is a global crisis!

The Labour party, and a few other bodies, in whose interests it is to shuffle off any blame, has managed to establish the myth that the banking and financial service failures of 2007/8 were of global significance. In fact, only those nations tied in to US finance were affected; China, India and the OPEC nations among others continued to grow. The major Spanish banks, forbidden by a law passed by their parliament frightened by a previous US lending failure from investing in dodgy American undertakings, also survived and were able to take advantage of the UK banks' failures. Middle East money enabled Barclays to survive without British state aid.

The current situation truly is a global emergency. China, which came through 2007/8 unscathed, was first in the line of Covid-19 fire. Trading partner Iran and popular Chinese tourist destination Italy soon succumbed. Other nations fell like dominoes. Perhaps if the  US, UK and other western nations had immediately adopted the measures taken by Taiwan as soon as that country recognised the danger, we here might not already be in the "delay" phase of the pandemic. Every continent has been touched by Covid-19.

World stock-markets have suffered falls not seen before in my lifetime, not helped by a row between Russia and Saudi Arabia over petroleum supply. One would think that our government, faced with financial and social problems absorbing much of its attention, would immediately repeal the legislation forcing this country out of any links with the EU by the end of the year and ask the EU Council for an extension of time for the free trade talks. Both the Lib Dems, who want to retain the closest links with the EU, and even Labour, largely in favour of leaving, have asked for that, both in Lords' Questions yesterday and Prime Minister's Questions today. At all turns, the government has remained implacable. Companies are already failing because of Brexit. More are going to fail because of the Covid-19 lock-downs. No doubt Johnson and the Tories will put all the blame for the coming recession on the latter.