Lex in-depth: why rescue finance will slow recovery for businesses

US and UK-listed companies raised unprecedented amounts as pandemic hit, but at what cost? "The cash surge reflects a focus on resilience, and the need for companies to bounce back quickly after the shock of the pandemic. Many are trying to build up operational robustness in tandem with cash balances, expanding inventories and building safety margins into supply chains previously stretched thin to boost profits." Jonathan Guthrie, Andrew Whiffin and Pan Kwan Yuk analyse in the Financial Times.