These knee-jerk responses must be avoided this time round. Business owners, investors and executives have to understand and accept that everything they thought they knew about coping with a recession no longer applies. Society is unlikely to look kindly upon such behaviour.
The most important question we face is how to try to keep people in work. Redundancy can never be entirely avoided in a dynamic economy. But it should always be a last resort, rather than, as it has been too often in the past, a first response.
Preserving jobs wherever possible makes economic and social sense. Furthermore, there