Essay: Analyzing the Impact of COVID-19 on the UK Job Market

This essay provides an analysis of the impact of the COVID-19 pandemic on the United Kingdom's job market, drawing on insights from various articles. The essay highlights key findings, such as the risk of job losses, the role of government support schemes like the job retention scheme, and the projected economic decline. It discusses the negative impact on the UK economy, the responses of the Bank of England, and the implications for retailers. The essay emphasizes the long-term effects of the pandemic, the importance of government support for small and medium-sized businesses, and the potential role of a vaccine in economic recovery. Overall, the essay concludes that COVID-19 has significantly affected the UK job market and economy, leading to increased unemployment and economic challenges. The analysis stresses the need for ongoing governmental support and potential solutions like vaccine development to mitigate the negative impact.

Essay

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Key points from the articles.........................................................................................................3
Discussion....................................................................................................................................4
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
This essay is going to analyse the key aspects of four different articles that are specifically
focusing upon future and current impact of COVID-19 Pandemic on United Kingdom’s job
market. Including this, this essay will also going to deliver some discussions done on four
articles considering proper justifications (Nicola and et. al., 2020).
MAIN BODY
Key points from the articles
According to COVID-19 in the United Kingdom: Assessing jobs at risk and the impact on
people and places, (2020), around 24% of the employees that are working among different
factors in United Kingdom are at risk of losing their jobs because of the outbreak of Novel
Corona Virus or COVID-19. This has impacted negatively on livelihoods as well of UK.
Based on the information given by CCBI Tracker, United kingdoms parliament that has
developed job retention scheme has helped more than 74 % of the SMESs to deliver daily wages
for monthly salaries to their staff. On the other side, if it is talk about the current reports then it
can be said that approximately 59% of the individuals who have presented a JRS guarantee have
gotten instalment from HMRC. This has resulted into no insolvency of any organisation that took
place from the day when lockdown started (The Statistics Paint A Bleak Future For UK
Businesses, 2020).
As mentioned by Covid -19 impact: UK economy may shrink by 13% in 2020, the most in
300 yrs, (2020), United Kingdom will be seeing approximately 6.5% decrease in their economy
rate because of the outbreak of COVID-19 Pandemic. Also, another key aspect that came in front
was that the Bank of England in the month of March and April cut loan costs twice, increase its
bond-purchasing program by a record of more than £200 Billion and took different measures to
assist organizations with getting credit.
According to Retailers call for reopening date for shops, (2020), considering some set of
rules, retailers of different subsections like toy shops and more will become able to open there
shops. Also, some of the crucial guidelines that has been given to two shopkeepers that are
required to be followed by both shoppers and the buyers.

Discussion
Based on the above mentioned articles, it can clearly visit that impact of Pandemic COVID-
19 will stay a little longer, because taking the whole economy back on its track is not that easy to
do not. It will be required by parliament of United Kingdom to take appropriate decisions which
will help economy to rise and side by side it will also not impact negatively on health
considerations. It is mandatory for government to keep on supporting small and medium sized
business organisations that carried mostly negative impact of outbreak of Novel Corona Virus.
On the other side, developing a vaccine can only be considered as a crucial step forward to
reduce the spread of covid-19 and this will automatically put positive impact on employment rate
and economy of United Kingdom (Fernandes, 2020).
CONCLUSION
Considering the above mentioned report, it can easily be said that Novel Corona Virus or
COVID-19 has impacted negatively on overall job market of United Kingdom as it has
specifically raised employment rate. Around 7.6 million employments, or 24 percent of the
United Kingdom workforce, are in danger as a result of lockdowns took place because of
COVID-19. Individuals and spots with the least salaries considered to be or called as vulnerable.

REFERENCES
Books and Journals
Fernandes, N., 2020. Economic effects of coronavirus outbreak (COVID-19) on the world
economy. Available at SSRN 3557504.
Nicola, M. and et. al., 2020. The socio-economic implications of the coronavirus and COVID-19
pandemic: a review. International Journal of Surgery.
Online
Retailers call for reopening date for shops. 2020. [Online]. Available through:
<https://www.bbc.com/news/scotland/scotland_business?src=rss>.
Covid -19 impact: UK economy may shrink by 13% in 2020, the most in 300 yrs. 2020. [Online].
Available through: <https://www.business-standard.com/article/international/covid-19-
impact-uk-economy-may-shrink-by-13-in-2020-the-most-in-300-yrs-
120041401665_1.html>.
The Statistics Paint A Bleak Future For UK Businesses. 2020. [Online]. Available through:
<https://www.natlawreview.com/article/statistics-paint-bleak-future-uk-businesses>.
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#>.