Impact of Lockdown on UK Businesses: Before, During and After

Impact on Lockdown on UK businesses
INTRODUCTION
As whole world faced the situation of Pandemic (Covid-19) that has led to a dramatic
loss of human life and affected the business sector. During Pandemic government has
declared lockdown where it became challenging for organization to regulate its
business. The discussion of report is about business impact during the lockdown in the
UK, also consider before and after. Due to COVID-19, Millions of businesses faced an
existential threat as their business activities has been reduced. The death rates during
the situation increasing day by day that affected the business negatively. This affected
the organizational productivity as well as performance. The impacts of business before,
during and after lockdown is defined below:
The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by
3.8% in the 12 months to October 2021, up from 2.9% in the 12 months to September.
During Lockdown – Lockdown has impacted businesses negatively as
government put restriction to operate their business from workplace that directly
affected manufacturing, transportation, selling, marketing, hospitality industry,
shopping malls and others. No one is allowed to go in other location where it
became difficult for offline businesses to operate their business. The statistics states
that it also impacted on people wellbeing such as furlough, finances, work stress,
and job security that affected their daily life in UK. The economic condition of UK
decreased during lockdown and people were losing their jobs. The providence of
the 48% of UK workers who work in small businesses is closely tied to the
resilience of the small business ecosystem to the massive economic disruption
caused by the pandemic. Only 55% businesses have used new technology while
working such as work from home, and any time work with the help of system that
supported some employees to continue their working and develop the economy.
Before lockdown- The businesses was running effectively in changing environment
before the situation of pandemic as it brought changes, new trends and lifestyle that
followed by people and lived happy. This contributed in economy of UK as many
small, medium and large businesses established by understanding the demand of
customers that supported to become a developed country. Before lockdown, there were
many job opportunities for people who performed well by using skills and abilities.
The market condition was good and business concern was planning to establish their
own business or grow it in other location that could help to improve business
productivity. After lockdown – The findings of survey reflect that pandemic created huge
operational and financial challenges for UK businesses. The situation comes to
under control after lockdown as new technology is used by businesses to gets work
continuously. The small, medium and large size business bring the use of new
process and technology for the purpose of managing all functions and activities.
People is getting many job opportunities and performing well by managing all
functions and activities effectively. The economy of UK is position of
improvement where business industries understand demand and provide the
products and service accordingly which supports to develop the country. The
government also proving subsidy to businesses by reducing tax rates, interest rate
and inflation that helps to increase buying power of people and improve their living
standard.
REFERENCE
Office for National Statistics (2020). Home - Office for National
Statistics. [online] Available at
<https://www.ons.gov.uk/ > [Accessed 12 August 2020]
Impact of Covid-19 on businesses during lockdown. 2020. [Online].
Available through:
< https://www.bbc.com/news/business-52991913>