Impact of Corona Virus on the UK Economy

Impact of Corona Virus on
the UK Economy

ABSTRACT
This research highlights about the impact of COVID 19 on UK economy. In this project, the
influence of pandemic on labour market, private sector growth and purchasing power of
consumers are explained in detailed manner. This report has illustrated about the negative as well
as positive impact of pandemic on the livelihood of people, businesses and labour market. The
crisis has created a great impact on the profitability and performance of companies. It has also
changed the way of working and also influenced the purchasing power of customers. People are
shifting towards online platforms in order to meet their basic requirements and needs. Thus, this
report provides detailed information related to the impact of pandemic on UK economy. It is
being recommended to government to take necessary actions in order to improve the economy.
They should encourage people to purchase local products so that it helps in increasing GDP rate
of country.

Table of Contents
ABSTRACT.....................................................................................................................................2
INTRODUCTION...........................................................................................................................4
AIM, OBJECTIVES, RESEARCH QUESTIONS..........................................................................4
Research aim..........................................................................................................................4
Research objectives................................................................................................................5
Research questions.................................................................................................................5
Scope and Limitation of Research..........................................................................................5
METHODOLOGY..........................................................................................................................6
ETHICAL CONSIDERATION.......................................................................................................6
REVIEW OF THE LITERATURE.................................................................................................7
CONCLUSIONS AND RECOMMENDATIONS........................................................................10
Conclusion............................................................................................................................10
Recommendation..................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
The pandemic has created a great influence on whole world due to which the economy of
countries get affected. In order to reduce the spread of disease, Government of UK has imposed
complete lock-down and restrictions. They have put restrictions over continuing the business
operations and movement of people (Keogh-Brown and et. al., 2020). The outbreak of pandemic
has made organisations to lay off employees as they were not able to pay employees due to
severe loss. The report provides detailed information about the impact of COVID-19 over private
sector, labour market and the purchase power of buyers.
COVID 19 has badly influenced the way of working and livelihood of people. In order to
save the lives of people and reduce the spread of disease, UK government has taken dramatic
measures which affects the economic activity of country. They have declared complete
lockdown on March 23, 2020 for controlling the pandemic. In During their lockdown period, the
economic activity of country goes down around 30 percent. There were 23 percent of businesses
that were closed in the weeks of April 2020. The pandemic has also influenced the consumption
and investment opportunity which results in decrease in GDP rate of UK. Every sector in UK get
affected by the pandemic due to which they faced severe loss and few of the businesses also shut
their outlet permanently in order to cope up with heavy loss.
The purpose of doing this research is to avail in-depth information related to the impact of
COVID-19 (Hu, 2020). I have a great interest in this topic as it helps in covering information
related to the current problem which world is facing and also I can analyse how COVID 19 has
influenced the livelihood and operational activities of business.
The research gap which is identified in this current research is that the information is
collected on the basis of qualitative piece of information and also it doesn't include numerical
piece of data (Jeris and Nath, 2020). The research is quite important for the investigators and
students as they can collect information related to the impact of pandemic and its influence on
UK economy. Thus, it covers in-depth data related to the effects of COVID-19 over labour
market and private sector.
AIM, OBJECTIVES, RESEARCH QUESTIONS
Research aim
To critically analyse the impact of Corona Virus on the UK Economy