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On Job Just 6 Weeks, U.K.’s Finance Chief Shines in Crisis On Job Just 6 Weeks, U.K.’s Finance Chief Shines in Crisis
(3 days later)
LONDON — When Rishi Sunak was elected to Parliament in 2015, he recalled a piece of advice from his father-in-law, Narayana Murthy, a technology billionaire who is one of India’s richest men. “In God we trust,” Mr. Murthy told him, “but everyone else needs to bring data to the table.”LONDON — When Rishi Sunak was elected to Parliament in 2015, he recalled a piece of advice from his father-in-law, Narayana Murthy, a technology billionaire who is one of India’s richest men. “In God we trust,” Mr. Murthy told him, “but everyone else needs to bring data to the table.”
Now 39 years old and Britain’s top finance official, Mr. Sunak is trying to apply that lesson to the greatest economic rescue in the post-World War II history of the country. As chancellor of the Exchequer, Mr. Sunak has orchestrated a series of increasingly desperate efforts to protect Britain’s 66 million people from the sudden dislocation brought on by the coronavirus pandemic.Now 39 years old and Britain’s top finance official, Mr. Sunak is trying to apply that lesson to the greatest economic rescue in the post-World War II history of the country. As chancellor of the Exchequer, Mr. Sunak has orchestrated a series of increasingly desperate efforts to protect Britain’s 66 million people from the sudden dislocation brought on by the coronavirus pandemic.
On Thursday, Mr. Sunak rolled out the latest — a package to pay 80 percent of the earnings of self-employed people who lost income because of the lockdown of the country. That came on top of measures last week to compensate people laid off from companies and more than $300 billion in aid for distressed businesses.On Thursday, Mr. Sunak rolled out the latest — a package to pay 80 percent of the earnings of self-employed people who lost income because of the lockdown of the country. That came on top of measures last week to compensate people laid off from companies and more than $300 billion in aid for distressed businesses.
In the process, Mr. Sunak, who was thrust into his job six weeks ago, has become one of the stars of this crisis. On one level, that is not surprising: his job, after all, is to dole out money. But beyond that, commentators say, Mr. Sunak’s grave, self-assured delivery and empathetic tone are proving a better match for the moment than the shambling levity of Prime Minister Boris Johnson.In the process, Mr. Sunak, who was thrust into his job six weeks ago, has become one of the stars of this crisis. On one level, that is not surprising: his job, after all, is to dole out money. But beyond that, commentators say, Mr. Sunak’s grave, self-assured delivery and empathetic tone are proving a better match for the moment than the shambling levity of Prime Minister Boris Johnson.
“Now, more than any time in our recent history, we will be judged by our capacity for compassion,” Mr. Sunak declared last week. “Our ability to come through this won’t just be down to what government or business can do, but by the individual acts of kindness we show one another.”“Now, more than any time in our recent history, we will be judged by our capacity for compassion,” Mr. Sunak declared last week. “Our ability to come through this won’t just be down to what government or business can do, but by the individual acts of kindness we show one another.”
On Thursday, he spoke to plumbers, hairdressers, musicians and other self-employed workers. “To you, I say this: You have not been forgotten,” Mr. Sunak said at a news conference. “We will not leave you behind.”On Thursday, he spoke to plumbers, hairdressers, musicians and other self-employed workers. “To you, I say this: You have not been forgotten,” Mr. Sunak said at a news conference. “We will not leave you behind.”
In a poll by the market research firm YouGov this week, Mr. Sunak has an approval rating of 60 percent, with only 11 percent disapproving. Mr. Johnson’s ratings have risen as well — to 55 percent in the same poll — but he remains a more divisive figure, with 35 percent of people disapproving of him.In a poll by the market research firm YouGov this week, Mr. Sunak has an approval rating of 60 percent, with only 11 percent disapproving. Mr. Johnson’s ratings have risen as well — to 55 percent in the same poll — but he remains a more divisive figure, with 35 percent of people disapproving of him.
In Conservative Party circles, Mr. Sunak is already being floated as a future party leader and perhaps even the first ethnic minority prime minister in British history. His Indian grandparents, originally from Punjab, came to England from British colonial East Africa in the 1960s.In Conservative Party circles, Mr. Sunak is already being floated as a future party leader and perhaps even the first ethnic minority prime minister in British history. His Indian grandparents, originally from Punjab, came to England from British colonial East Africa in the 1960s.
“He is incredibly smart and as a very young chancellor, he has responded with great ingenuity to huge strains imposed by the coronavirus crisis,” said William Shawcross, a writer and commentator who works for the government as a special envoy representing victims of terrorism.“He is incredibly smart and as a very young chancellor, he has responded with great ingenuity to huge strains imposed by the coronavirus crisis,” said William Shawcross, a writer and commentator who works for the government as a special envoy representing victims of terrorism.
There is no shortage of obstacles in Mr. Sunak’s path, not least how he will unravel the fiscal stimulus he is pumping into the economy. The lesson of the financial crisis of 2008 is that bailouts can sow bitterness in people who believe they did not get their fair share. For those who did, they can create unrealistic expectations.There is no shortage of obstacles in Mr. Sunak’s path, not least how he will unravel the fiscal stimulus he is pumping into the economy. The lesson of the financial crisis of 2008 is that bailouts can sow bitterness in people who believe they did not get their fair share. For those who did, they can create unrealistic expectations.
“This crisis will force the government into something quite close to universal basic income,” said Jonathan Powell, a former chief of staff to Tony Blair. “Once you’ve done that, taking it away from people is very hard.”“This crisis will force the government into something quite close to universal basic income,” said Jonathan Powell, a former chief of staff to Tony Blair. “Once you’ve done that, taking it away from people is very hard.”
While the public is rallying behind the government now, people are likely to ask hard questions afterward, especially about the austerity policies enacted by Conservative governments, which left the National Health Service financially starved and ill-equipped for the deluge of virus patients.While the public is rallying behind the government now, people are likely to ask hard questions afterward, especially about the austerity policies enacted by Conservative governments, which left the National Health Service financially starved and ill-equipped for the deluge of virus patients.
After winning high praise for his initial efforts, Mr. Sunak was criticized for not moving faster to protect self-employed people, many of whom saw their income vanish as soon as Mr. Johnson ordered people to stay in their homes. It was, Mr. Sunak said, “incredibly complicated” to design a comprehensive and fair package, given the varied circumstances of these workers.After winning high praise for his initial efforts, Mr. Sunak was criticized for not moving faster to protect self-employed people, many of whom saw their income vanish as soon as Mr. Johnson ordered people to stay in their homes. It was, Mr. Sunak said, “incredibly complicated” to design a comprehensive and fair package, given the varied circumstances of these workers.
The delay contributed to Britain’s fitful adherence to the lockdown Mr. Johnson put in place on Monday. Thousands of freelancers and other self-employed people continued to go to work, thronging London’s subways and raising alarms about spreading the virus. Critics noted that the compensation in this package will not be available until June — too late to help some strapped workers.The delay contributed to Britain’s fitful adherence to the lockdown Mr. Johnson put in place on Monday. Thousands of freelancers and other self-employed people continued to go to work, thronging London’s subways and raising alarms about spreading the virus. Critics noted that the compensation in this package will not be available until June — too late to help some strapped workers.
For a Conservative to preside over such a state intervention is a deep paradox. Yet people who have worked with Mr. Sunak say he is well-suited to the task. Pragmatic and politically astute but non-ideological, he is able, they say, to design policies to keep the economy afloat and maneuver them through the government.For a Conservative to preside over such a state intervention is a deep paradox. Yet people who have worked with Mr. Sunak say he is well-suited to the task. Pragmatic and politically astute but non-ideological, he is able, they say, to design policies to keep the economy afloat and maneuver them through the government.
“As much as it will pain many of his rivals to admit it, he does appear to be the complete package,” said Tim Bale, a professor of politics at Queen Mary University in London. “It is almost as if he were born to play this role at this particular time.”“As much as it will pain many of his rivals to admit it, he does appear to be the complete package,” said Tim Bale, a professor of politics at Queen Mary University in London. “It is almost as if he were born to play this role at this particular time.”
Updated June 12, 2020Updated June 12, 2020
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
Still, Mr. Sunak’s success also reflects the fact that he accepted, as a condition of getting his job, far less independence than chancellors have historically enjoyed. His predecessor, Sajid Javid, was forced out in February after he defied Mr. Johnson’s demand to get rid of his own advisers and install people loyal to the prime minister.Still, Mr. Sunak’s success also reflects the fact that he accepted, as a condition of getting his job, far less independence than chancellors have historically enjoyed. His predecessor, Sajid Javid, was forced out in February after he defied Mr. Johnson’s demand to get rid of his own advisers and install people loyal to the prime minister.
Such adaptability, former colleagues said, is another hallmark of Mr. Sunak’s success. The eldest son of a doctor and a mother who ran a pharmacy, Mr. Sunak has combined his Indian heritage with a classic Tory pedigree. Educated at the elite Winchester School and Oxford, where he graduated with first-class honors, he earned an M.B.A. at Stanford. He met his future wife, Akshata, in California.Such adaptability, former colleagues said, is another hallmark of Mr. Sunak’s success. The eldest son of a doctor and a mother who ran a pharmacy, Mr. Sunak has combined his Indian heritage with a classic Tory pedigree. Educated at the elite Winchester School and Oxford, where he graduated with first-class honors, he earned an M.B.A. at Stanford. He met his future wife, Akshata, in California.
After that came stints as an analyst with Goldman Sachs and two hedge funds, one of which, The Children’s Investment Fund, came under fire for pressing ABN Amro, a Dutch bank in which it held shares, to sell itself to the Royal Bank of Scotland. The acquisition contributed to the later collapse of RBS.After that came stints as an analyst with Goldman Sachs and two hedge funds, one of which, The Children’s Investment Fund, came under fire for pressing ABN Amro, a Dutch bank in which it held shares, to sell itself to the Royal Bank of Scotland. The acquisition contributed to the later collapse of RBS.
Mr. Sunak launched his political career with a run for a safe Conservative seat in Yorkshire. He charmed people in the constituency’s rural dales, recruiting his father-in-law to hand out campaign leaflets. When he won, local papers nicknamed him the “Maharajah of the Yorkshire Dales.”Mr. Sunak launched his political career with a run for a safe Conservative seat in Yorkshire. He charmed people in the constituency’s rural dales, recruiting his father-in-law to hand out campaign leaflets. When he won, local papers nicknamed him the “Maharajah of the Yorkshire Dales.”
In 2016, Mr. Sunak decided to back Britain’s departure from the European Union — not out of any passionate euro skepticism, people who know him said, but because he calculated, correctly, that it would position him to advance in a Conservative Party that was swinging in that direction.In 2016, Mr. Sunak decided to back Britain’s departure from the European Union — not out of any passionate euro skepticism, people who know him said, but because he calculated, correctly, that it would position him to advance in a Conservative Party that was swinging in that direction.
As Britain moves past these frantic days and confronts the long-term consequences of its moves, analysts said Mr. Sunak would probably lose some of his stardust. The question, they said, is whether he will be able to chart a new course, balancing the need to tax and spend in a post-pandemic world accustomed to a more interventionist state.As Britain moves past these frantic days and confronts the long-term consequences of its moves, analysts said Mr. Sunak would probably lose some of his stardust. The question, they said, is whether he will be able to chart a new course, balancing the need to tax and spend in a post-pandemic world accustomed to a more interventionist state.
“When the final reckoning is made, there will be praise for the government response but there will also be criticism of the age of austerity that left us in this position,” Mr. Bale said. “He might be able to escape personally because he wasn’t the face of that policy, but I don’t think the Conservative Party will be able to escape.”“When the final reckoning is made, there will be praise for the government response but there will also be criticism of the age of austerity that left us in this position,” Mr. Bale said. “He might be able to escape personally because he wasn’t the face of that policy, but I don’t think the Conservative Party will be able to escape.”