Comment: the City will help the world get back on its feet after virus

One thing we’re learning as coronavirus spreads: always expect the unexpected.

Donald Trump’s shocking travel ban has made that ever more stark. Turning away passengers from the EU arguably makes sense, but why now, three weeks into the European epidemic? And why exempt the UK, where even ministers are dropping like flies?

It’s the result of a chaotic leader wrestling with an unpredictable situation. For business, that’s the most toxic of witches’ brews.

Airlines, obviously, have gone into drastic retrenchment mode, scrambling to manage as cash floods out. But others, from airport store WH Smith to debt-laden Tullow Oil, are trying to figure a way through this latest stage in the crisis.

It is a horrible time to be running a company or investing people’s money.

The Chancellor was right in his Budget to say we will get through it, but we shouldn’t kid ourselves; there will be many business casualties.

Travel firms, oil explorers, retailers and hoteliers are victims we can predict, but there will be others we haven’t figured out yet as the collateral damage spreads.

One thing we can be certain of, though. Only London has the deep pools of capital, expertise and will to clean up the global mess.

It is the City which will restructure the world’s damaged firms with new funding, preserving jobs and helping economies rebuild when the storm passes.

As we square up for Brexit, Brussels should take note. Quarantine yourselves from London at your peril.