This monthly fall in UK GDP is over 30 times the average month on month decline during the global financial crisis and shows the economic impact of Coronavirus in sharp focus.
With lockdown restrictions gradually easing and shops beginning to reopen, April is likely to prove to be the low point for the UK economy. However, any prospect of a ‘V-shaped’ recovery remains unlikely, with many sectors continuing to operate at reduced capacity. Some firms, including those in our hospitality, leisure and tourism industries, may remain closed for some time and will require flexible and open-ended government support to weather the economic storm.
Over the coming months, further action will be needed to limit the long-term economic damage and kickstart a recovery, including closing gaps in government support and providing incentives to help stimulate consumer demand and business investment. Establishing air bridges between countries with low infection rates would provide a much-needed boost to key parts of the UK economy.
Advice on staying secure during COVID-19
The Centre for the Protection of National Infrastructure (CPNI) has issued guidance for businesses and insolvency office holders on managing security risks during the pandemic.
The CPNI has drawn together important security considerations for businesses in financial distress, including those in insolvency or administration, either directly or as a third party.
Westfield Health has just published a 1500-person study which looked at the physical and mental wellbeing of the country, with a focus on our changing experiences, attitudes and expectations of work.
From more than a third believing that furloughed colleagues have it easy, to almost half saying parents use their kids as an excuse to do less, it revealed tensions and rifts between colleagues that will challenge employers as people return to the workplace.
You can find details of this revealing study here.
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