Impact of COVID-19 Pandemic On UK Market

This essay covers the impact of the COVID-19 pandemic on the UK job market and economy. It discusses the lockdown measures, job losses, and decline in economic activities.

Impact of COVID-19
Pandemic On UK
Market

Table of Contents
INTRODUCTION...........................................................................................................................................4
MAIN BODY.................................................................................................................................................4
CONCLUSION...............................................................................................................................................5
REFERENCES................................................................................................................................................6

INTRODUCTION
COVID- 19 is the Pandemic disease which is a major life threaten situation across the globe.
In order to keep people safe government of UK and many other nations have taken initiative to
Lockdown whole nation so that it does not spread among the people and its influence could be
minimised. Here it can be said that this lockdown have placed huge influence over the business
practices which brought recession in the nation as many people have lost their jobs in UK. This
essay will cover detailed information on the impact that the Covid-19 pandemic on the UK job
market in the near future.
MAIN BODY
COVID-19 is referred to as the disease which is mainly developed with strain of
Coronavirus. Here, CO mainly stands for Corona; VI denotes Virus and D is used to state
Disease. It has been analysed that COVID-19 is one of the major disease over the century which
have affected life as well as economic positioning of the world. While it is specifically
emphasised on UK, it has been analysed that around 7.6 millions in UK are at risk due to the
lock down situation. This can also been seen as the overall 24 percent of whole UK workforce.
Sudden lockdown have directly affected business practices a lot as all kind of businesses and
their associated work cannot be performed from home. This has directly influenced overall
economy of the nation a lot. It can be later said that overall economic activities have been
declined from February 2020 with around 30 percent that can be seen as the main percent.
A large number of businesses within UK have adapted their daily business practices as well
as leveraged government aid scheme like Coronavirus Job Retention Scheme for the purpose of
sustaining the crisis arising due to the pandemic. In absolute figures, it can be said that
organisations have laid off on an average 35% of their total employee base. Further, small
business organisations have this average as 45%. Further, it has been witnessed that
approximately 32% of the employee base across the confines of United Kingdom have witnessed
a decline in working duration. In addition to this, 33% of the working population has seen
reduction in their wages. All of this has been done with a view to decrease the burden of finance
over the companies and decrease the probability of making redundancies.

Coronavirus pandemic has had a huge impact over the economy of Scotland. A survey
conducted by RBS has pointed out that the activity rate of private sector organisations within the
bounds of Scotland has fallen at an unparalleled rate in the previous month. The PMI has
witnessed the biggest step down in terms of new business. In addition to this, the Scottish
Council for Development and Industry has put forth a notice of warning for key industrial sector
to make plans for dealing with a severely difficult time in upcoming period.
CONCLUSION
On the basis of above depicted information it can be said that impact of COVID-19 is
acknowledged the major one for the current time as well as the near future. The national
lockdown condition due to the COVID-19 pandemic has a strong and detrimental impact over
the business community within the bounds of United Kingdom.

REFERENCES
Online
The Statistics Paint A Bleak Future For UK Businesses. 2020. [Online]. Available Through:
<https://www.natlawreview.com/article/statistics-paint-bleak-future-uk-businesses>.
Coronavirus: Reports highlight impact on Scots economy. 2020. [Online]. Available Through:
<https://www.bbc.com/news/uk-scotland-scotland-business-52624765>.
COVID-19 in the United Kingdom: Assessing jobs at risk and the impact on people and places.
2020. [Online]. Available Through: <https://www.mckinsey.com/industries/public-
sector/our-insights/covid-19-in-the-united-kingdom-assessing-jobs-at-risk-and-the-
impact-on-people-and-places#>.