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Snapshot of British Economy Shows 45% of Business with Lower Than Normal Turnover

The Office for National Statistics has started to produce a weekly report detailing the impact of the coronavirus pandemic. The idea is to provide faster data that spots trends and reflects the rapidly changing situation in the economy and society in general.

Lower Turnover

An Overall Look at the Economic Impact of the Coronavirus Outbreak

A study by a British think-tank has attempted to give us an overall impression of the way that the coronavirus outbreak has affected the country’s economy. The Resolution Foundation discovered a sharp downturn following the start of the Covid-19 pandemic.

Unemployment Rising

The report points out that the sudden and dramatic grinding to a halt of economic activity in the UK appears to be more severe than it was during the financial crisis. As part of this, the unemployment rate is rising faster than at any time since 2008.

PMI Figures Suggest Deep Recession but Pound and FTSE Showing Signs of Recovery

As the UK ramps up its lockdown to try and get the coronavirus outbreak under control, the country’s purchasing managers’ index (PMI) has dropped to a record low. However, the FTSE 100 and Pound Sterling showed some signs of improvement as the new measures across the country came in to place.

The Full PMI Details

The Pound Falls to Its Lowest Against the Dollar Since the Mid-80s

Amidst the chaos of the coronavirus impact, the Pound has fallen to its lowest level in decades. It has crashed against the USD and other foreign currencies after one of the worst runs in recent history.

The Full Details

The last time that GBP was this low against the USD, the UK’s first mobile phone network had just been launched and Neighbours had just debuted on Australian TV. It was back in 1985, with Ronald Reagan and Margaret Thatcher in charge that we last saw such a poorly-performing Pound.

Business Leaders Urge the UK Government to Help During Crisis

With stock markets tumbling and many businesses forced to close their doors temporarily, there have been calls for the British government to do more to help out firms that are struggling due to the coronavirus crisis. From airlines to pubs and from cinemas to fashion stores, there is a long list of businesses that simply can’t carry on with business as normal while travel restrictions and social distancing plans are in place.

Who Has Spoken Out?