The impact of the Coronavirus on the UK economy and society

The Office for National Statistics (ONS) has produced an economic survey* assessing the impact of Coronavirus on the UK economy and society.

The key findings, published on the 30 July, are as follows:

  • Of businesses still trading, the arts, entertainment and recreation industry had the highest proportion of the workforce remaining on furlough, at 47 per cent, followed by accommodation and food services at 43 per cent, according to the Business Impact of Coronavirus (COVID-19) Survey (BICS).
  • Between 19 and 26 July 2020, footfall in high streets moderately increased to just under 60 per cent of its level the same day a year ago, while retail parks and shopping centres held steady at just under 80 per cent and 60 per cent respectively.
  • The volume of job adverts remained at 52 per cent of its 2019 average between 17 and 24 July 2020.
  • Prices decreased for a number of High Demand Products (HDPs) in the week beginning 20 July 2020, and the HDP index fell by 0.1 per cent.
  • In the week commencing 20 July 2020, Energy Performance Certificate (EPC) lodgements for existing dwellings returned to similar levels observed at the end of February across all regions, while EPC lodgements for new dwellings were around 20% lower across England and Wales; as such, they can be used as a timely indicator for the number of completed constructions and number of transactions.
  • Average daily visits of all ships have remained stable for a fourth consecutive week, and passenger ship visits reached their highest level since the week commencing 30 March 2020.

The ONS survey only reflects the characteristics of those who responded and can be considered experimental. However, what it does show, is a moderate increase in footfall to shops and some signs of the economy opening up.

If your business needs a plan to not only survive but thrive in these times and moving forward, please get in touch. We have experience of helping clients across a range of sectors to repurpose or pivot into new areas.

Taking some time now to think ahead, is the most valuable exercise you can do!

Contact your usual Beavis Morgan Client Partner or email info@beavismorgan.com.

* Source: ons.go.uk

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