What will professional advisors need to ensure best practice and governance are carried out?
The vaccine rollout will have a tremendous impact on business. I read an article published by the Wharton Business School, University of Pennsylvania, predicting that with respect to a study of the United States, the vaccination rollout will be a huge boost for the economy. The study ran an analysis in terms of the number of vaccines given each day and how, if they could be increased, it would cause a massive impact on economic development.
The International Chamber of Commerce did a study on the impact of a slow rollout of vaccines around the world in terms of permanent wealth loss in a variety of different jurisdictions. Its conclusion was that even if European and North American countries have a successful rollout, the failure to have access to vaccines in many other countries, either because of wealth or because they lack an adequate source of vaccines, will result in a long-term downturn across the economies of the world.
With each of the variants that arrive there is another setback, even to the countries that have ample supplies available to them. It is constantly a question about whether the new variants respond to the vaccine or causes further curtailing of business activity. The only way to slow down the development of these different variants around the world is to get everybody vaccinated or get everybody access to vaccinations, which is quite a project on a worldwide basis.
Covid seems to be one of those problems that has so many different angles that as advisers working with businesses, there are new question coming up requiring attention from a legal point of view – and also from a practical point of view to help businesses get back on their feet.