UK economic output reduces to 31% as result of coronavirus lockdown - Article London/Essex : Raj Consultancy Ltd

UK economic output reduces to 31% as result of coronavirus lockdown

Research published by the Centre for Economics and Business Research (CEBR) has revealed that UK economic output has reduced to 31% as a result of the coronavirus (COVID-19) lockdown.

Call 020 8596 5014 or email info@rajconsultancy.co.uk

Research published by the Centre for Economics and Business Research (CEBR) has revealed that UK economic output has reduced to 31% as a result of the coronavirus (COVID-19) lockdown.

The CEBR warned that the lockdown has 'extremely severe economic consequences' for the UK. According to the research, the manufacturing sector is set to see the highest fall in output in absolute terms as a result of workers who produce goods being unable to do so remotely from home. The CEBR estimates that this will cost the UK economy £500 million a day, with production in the sector reduced to 69%.

The Centre also stated that the accommodation and food services sector is likely to be 'disproportionately impacted'. However, the UK services sector is less likely to be adversely affected, as employees in this sector have greater ability to work remotely.

According to the CEBR, the COVID-19 lockdown is costing the UK £2.4 billion per day.

Douglas McWilliams, Deputy Chairman of the CEBR, said: 'These results show that the manufacturing sector, as well as the more obvious sectors such as retail and leisure, is one of the more badly hit by the virus and economic slowdown.

'Many of the government measures do little to help capital intensive sectors like manufacturing, which benefits relatively less from furloughing employees and is essentially excluded from rate relief.'

About us

As well as accountancy and tax skills, our director also have various specialisms which enable us to provide clients with a first class tailored service. With our wealth of experience we pride ourselves on delivering an unparalleled service to all clients, whatever their size or sector.

Learn more

Latest news
Contact Details

Please call:
020 8596 5014

Raj Consultancy Limited, CEME Campus, Marsh Way, Rainham, Essex RM13 8EU

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy notice | Help |

© 2020 Raj Consultancy Limited. All rights reserved. powered by totalSOLUTION
Registered in England : Company No : 05466798
Registered Office : 27 Sowrey Avenue, Rainham, Essex, RM13 7LX
Raj Consultancy Ltd are registered with the ACCA as chartered certified accountants and can be found on the register of members.

We use cookies on this website, you can find more information about cookies here.
ACCA Quickbooks Silver ProAdvisor Xero