I hesitate to return to the vexed subject of the industry’s cost base, for a number of reasons. But I feel I need to do so even if some will find it uncomfortable reading.
Firstly, it is commonly considered nowadays within the industry that there is far more upside potential to balancing the books through revenue growth than by bearing down on the cost base, given the very poor outcomes of recent efforts to do just this.
I don’t disagree with this assessment, but I strongly believe that growing our way out of this crisis is a necessary but insufficient strategy.
