Don't forget the human cost of the economic crisis
Oct 6 2008 By Duncan Tift, Business Staff
Another day, another tale of woe for the economy. The FTSE 100 down eight per cent and now at its lowest level for four years.
Just where will it end? People have been asking me this question far more of late and I wish I could give them an answer. Wiser heads than mine have tried to explain events - and they don’t seem to have any more of a clue than I do.
However, one thing I do know is that life at the moment is placing people under tremendous strain.
With a wife employed in the financial services sector, every day brings fresh worries to ourselves and I am sure to thousands of others in a similar position.
However, we are probably luckier than most as many others from the same sector are now facing the prospect of a bleak Christmas - some without really knowing why as all they have done is serve the will of their employer. But then, isn’t that always the way?
It is always the human cost that seems to be forgotten in these global scares. Big institutions teetering on the brink of collapse make for good headlines, as anyone employed in the media knows only too well. In fact, we have been accused on more than one occasion of fanning the flames and trying to scare people into thinking that the situation is far worse than it is.
However, in defence of my industry let me say this is not generally the case.
Politicians are also accused of the same thing. The recent party conferences have provided ministers and their shadows with an ideal opportunity to score points off one another.
However, do any of them really know what is likely to happen - probably not. Events are, after all, beyond even their control.
Maybe they would feel different if their jobs were under threat?
But I don’t seek to make them scapegoats for what has happened because as I said previously, events are beyond their control.
What I would ask is that anyone prepared to offer themselves up as a commentator on current events just considers for a moment how these events are affecting the lives of real people.
Maybe it is my current circumstances or just years of dealing with people who have no voice for themselves that has made me question how I should report on such events I have pledged to consider the human cost and I hope others will too.
Sales of new cars fell by more than a fifth last month, the worst September result since 1999. It is yet another example of how uncomfortable life is for manufacturers at the moment.
I get to interview many companies from this sector and while they are cautious about what is happening none is as yet, ready to throw in the towel.
This has to be good news.
Worrying times call for strong wills and if firms are prepared to fight it out then I believe we should offer them all the support we can - our region can only be the stronger for it.
