Before the coronavirus outbreak even began, the UK was seeing a weakening, slowing economy. Then came the virus, and the social distancing measures introduced to slow its spread. Together, they’ve undoubtedly worsened the economic outlook, significantly disrupting activity and seeing the UK’s GDP forecast for 2020 fall.
However, the UK is fighting back, with a raft of unprecedented government measures, not only to bring down infection rates, but also to alleviate the impact of the economic slowdown. As well as promises to protect 80% of many workers’ salaries, The Bank of England has made emergency cuts to its base rate and the latest UK budget includes £30 billon of COVID-19 spending.
In this paper, we’ll explore some of the key trends emerging from the crisis – including its impact on consumers and credit – and help you navigate what strategies should be prioritized, or amended in order to better protect your business, and consumers.