Impact of COVID-19 on UK Business

Impact of COVID-19 on UK Business

COVID-19 has affected the businesses across the globe in different capacities. There is no economy on the planet earth that did not take a massive hit due to pandemic. As the world economy is suffering from uncertain financial situations, the UK market is as badly affected as any.

The UK economy was still under the influence of Brexit's impact that COVID-19 hit it really hard. The government had to announce immediate lockdown after the closure of business centres all over the country. The changing buying behaviour of the common public totally disrupted the business activities by putting millions of workers on stake.

Economic Situation is not very promising

The corona-related lockdowns have impacted the daily workers are in the worst possible way, and 24% of the total UK's population is at risk of their jobs. In simple words, 7.6 million jobs are at risk. If we analyze these stats thoroughly, the Situation is really scary. People with low incomes are more vulnerable to the impact of the pandemic in financial terms.

Impact across different Sectors is Uneven

The impact of the COVID-19 is not uniform for all sectors of life as many employees from the security, education, transportation, and other sectors ate getting paid even to this date. The food and accommodation industry is a highly vulnerable industry, as 68% of employees are at the risk of losing their jobs. The ratio of being fired from the job for manufacturers is almost 17%, while the water supply and waste management department experienced the least impact of COVID-19. The water management sector has the least portion of jobs at risk, with 6%.

You can see that the impact of the COVID-19 is highly uneven, but it is obvious that no industry or sector of life is safe from the impact of the COVID-19.

How did Businesses Respond?

Almost all businesses and companies were forced to shut down their offices for some time due to spreading viruses. The best alternative to keep going was to adopt the strategy of work from home. Almost 48% of the companies in the UK encouraged their employees and staff members to practice strict self-isolation while doing all of the office work from their home.

Work from home policy was a big relief for many employees who were afraid of losing their job. Although companies had to suffer from productivity loss, yet the businesses managed to keep most of the workforce.

Future Steps for UK Businesses

The impact of COVID-19 is crystal clear for every sector of life, but it is hard to say measure the intensity of the impact. Almost 40% of the businesses were confident enough that they can survive by continuing their business activities during the pandemic.

Things are going to take some time to be normal so, if you are also thinking about adopting any new strategy for your business, do your homework as this Situation will take some time to get over with. Almost 40% of the companies and businesses were not sure if they could survive the lockdowns or not.