Contemporary Business Environment: Impact of COVID-19 on UK Economy and Government Policies

Contemporary business
environment

Table of Contents
PROJECT 1......................................................................................................................................3
INTRODUCTION ..........................................................................................................................3
ESSAY.............................................................................................................................................4
PROJECT 2......................................................................................................................................8
INTRODUCTION...........................................................................................................................8
Analysis of internal environment of the company......................................................................8
A brief analysis of external environment of the business entity...............................................10
Globalisation and its aspects.....................................................................................................12
Impact of globalisation on decision-making of British Broadcasting Company......................12
CONCLUSION .............................................................................................................................14
REFERENCES..............................................................................................................................15

PROJECT 1
INTRODUCTION
In the development of a company, contemporary business environment plays an
important role by highlighting key factors present in business surroundings. The contemporary
business environment develops a key approach for a business entity to deal with the external and
internal factors. Most of the business organisations focus on contemporary business environment
in order to develop a precise strategy for business growth and development. This project includes
an essay on how the COVID-19 pandemic has affected UK's economy in many different ways.
The essay also includes the policies and plans developed by government of UK to deal with
issues and challenges created by COVID-19.

ESSAY
In the development of a company, it is essential to focus on all major threats which can create
obstacles and challenges for the company. In the recent times, COVID-19 is considered as one of
the major threats that has impacted on economy of United Kingdom. The situation created by
COVID-19, has created a question mark on economy of United Kingdom. It is affected the major
areas of social development and also adversely affected commercial business activities. Many
famous companies of UK like TESCO and Marks and Spencer has faced decrease in profitability
and sales ratio. The lock down was imposed by government of UK has led to the shut down of
many companies. Many small business organisations also faced difficulties in operating and
decreased their income. For the citizens, pandemic created many obstacles and hurdles that made
them inferior in going outside their house. Social development of economy diminished with the
increase of cases related to COVID-19 pandemic. It has also led to create changing in
government's plans and policies in order to deal with situation created by pandemic. The
government has also created social media advertising in order to create mass awareness in whole
public. The global pandemic has also led to create a loophole in the economy which is impacting
on major functions of the country. Various economic factors like Gross domestic product of the
country has declined due to the devastating effect of COVID-19. The national income of the
country decreased by a large amount.
COVID-19 created a major issue for the economy which is unemployment, due to shut down
of many companies. Thousands of skilled and trained youth lose their job because of COVID-19
pandemic impact(Kabalina, Zelenova, and Reshetnikova, 2019). The unemployment is now a
type of major issue for the country and it is important for the government to focus on providing
employment to the citizens. Per capital income of the society also declined with the rise of
COVID-19 which is a major issue. In the corporate world, it is essential for a business entity to
provide best services. Major companies also faced delivery issue due to the social distancing
guidelines issued by government of UK. All major companies of UK are now coming up with
effective and major business strategies that are effective in controlling impact of COVID-19. It is
also necessary for the company to focus on long term development of goals and objectives with
the help of appropriate planning frame work. In the year 2020 and 2021, economy of UK shifted
its operations from traditional approach to digital approach. Many companies provided virtual
environment to employees in order to promote work from home. The companies should