Covid-19 lockdown restrictions are now in the 9th week, and the nation is hopefully beginning to benefit from a relaxation of the rules which were initiated by Boris Johnson, in March 2020, when the coronavirus began to spread throughout the United Kingdom and put immense pressures upon the NHS. Covid-19 continues to have a devastating impact on the UK financial economy and the full ramifications of the United Kingdom’s economy grinding to a halt, due to Covid-19 will only be known over the next 12 to 18 months. There is however significant evidence to suggest that a recession is inevitable due to hundreds of businesses ceasing trading, people being made redundant, alongside millions of people being supported financially through the Government furlough scheme.
Here are United Kingdom loans we have continued our online operation, despite the ongoing lockdown difficulties that have prevented a lot of businesses from functioning on a fully operational level. We, therefore, have fortunately remained unaffected by Covid-19.
Navigating through choppy financial waters
Dominic Cummings appears to have been heavily criticised through various media channels and therefore is has clearly been a difficult time both for him and other members of Parliament who have the unenvious task of trying to navigate a way through this health pandemic. Clearly, the impact on the British economy is significant and, whilst it is acknowledged that the Government have supported millions of workers through the furlough scheme, there will need to be an end in sight for the British Government in providing financial support and therefore the question then will be, where will this leave us in terms of financial stability? The significance of the pandemic is that is it has impacted businesses on a worldwide level and therefore the British government will be able to look towards how other countries have responded in terms of their financial strategies in stabilising the economy and draw upon what has worked and perhaps more importantly, what hasn’t.
To return or not to return?
Although schools in the UK will soon be open to Reception, Year 1 and Year 6 pupils, many people are reported to have taken the decision not to return the children to school due to the risks that exist. Clearly, if children are unable to return to work then this could have a negative impact on the economy, as people are not able to return to work as they may need to focus on childcare arrangements. For those people that can return to work and send the children to school, the school will be different to how it was previously. There will be earlier finishing times, later start times and is questionable whether children will be working at school on a five-day week basis.
These are clearly difficult times that we are going through, and it’s important that we are provided with up-to-date information, in order to make the best possible decisions particularly when it comes to household finances and the impact of Covid-19 on the financial stability of the United Kingdom moving forward through 2020 and beyond.