Time to move past just “keeping the lights on”
It is simply staggering to think of the impact the COVID-19 pandemic had, and continues to have, on our society. Some people have felt this impact much more sharply than others, but every single one of us has had our lives touched in one way or another. Only the financial crisis of 2008 sticks in my mind as coming even close to such a period of crisis combined with urgent attempts at repair. Both have been followed by a very long tail of knock-on impacts and new emerging problems (or opportunities if you’re a glass half full type person…).
Looking at newspaper headlines in the past months, you’d be forgiven for thinking the impact of COVID-19 was over. However, you only have to look at the estimated million cancer diagnoses missed across Europe during the pandemic, the 1.6m Londoners who moved to working remotely and the pandemic related income squeeze being felt most by those who earn least, as examples of that not being true. In the organisations that Clear Consultancy Services works with, it’s the impact of that last example we see most. In the simplest terms, its lots of people struggling with money, and increasingly so since 2020. As it happens, it is also a group of people that’s much larger than it would have been because of the financial crisis of 2008 and the policies pursued since. We’re at a tipping point where a large chunk of the population is at real risk of being left behind. Not only is that bad for people and bad for the economy, but a quick glance over the history books will also tell you it’s dangerous for the stability of society overall. Now more than ever, we need to enable those currently struggling with money to take greater control of their lives.
“the mindset of keeping the lights on and austerity has embedded itself”
Credit where credit is due, the world has managed to “keep the lights on” since 2008 and the pandemic but the rebuild is still far from complete. It has been fifteen years of pressure on living standards and counting. Having worked with public bodies for almost all of those last 15 years, I’ve seen first-hand how the mindset of “keeping the lights on” and austerity has embedded itself. That mindset has also stretched into parts of the private sector too. Quite naturally, it puts a limit on innovation, growth, ambition and genuinely ‘game changing’ strategies. These are the things we need right now.
Three years on from the onset of the pandemic, and even in the midst of a cost-of-living crisis, it’s not too late for a bold strategy for what comes next. The UK still has a fundamentally strong economy and a relatively stable society and environment. Change is very much possible. There are routes to growth and reform, through things like a once-in-a-generation house building strategy, evolving the labour market and genuinely enabling individuals more. Government, big firms, small agencies, and individuals now need to work together to make it happen.
“Sticking plasters and safety nets have their place but opportunity and empowerment are much better”
Clear Consultancy Services is currently working with organisations to restructure how the energy market works, move public services away from being transactional towards maximising human relationships and designing new affordable borrowing options for those not passing mainstream affordability assessments. All of these have a core focus on not just making sure people have enough support to keep their own lights on but to take control of their futures. Sticking plasters and safety nets have their place but opportunity and empowerment are much better – a sentiment I hope to see more of in public and private sectors in coming months and years.
Craig is Director of Clear Consultancy Services and has worked in local government, HM Treasury, the Financial Conduct Authority and the Money & Pensions Service, covering areas such as strategy development, designing policy and consumer protection.