Thursday, June 20, 2024
UK

The UK economy and coronavirus: How has coronavirus affected on economy in UK?

The United Kingdom, like many other countries dealing with the Coronavirus (COVID-19) epidemic, is currently in lockdown, owing to a series of social distancing measures. As a result, the economy has taken a sharp and unexpected knock, possibly even worse than the global financial crisis of 2008. This Report on the UK economy and coronavirus contains all of the key information and facts about the UK economy, including macroeconomic data for the entire nation as well as more detailed statistics on certain industries.

The global coronavirus has had a significant economic effect on the United Kingdom. Travel, financial markets, jobs, a number of businesses, and shipping have all suffered as a result. Several individuals and organisations began raising donations for humanitarian organisations that were assisting those impacted by the coronavirus.

In the situation of UK economy and coronavirus, the London Marathon, the world’s largest annual one-day fund raiser, has been rescheduled for October 2020, from its original April date. Several UK artists took part in Together at Home, a live music show in which artists performing in their own homes in support of the World Health Organization’s COVID-19 Support Response Fund, on the 18th of April.

The public had been “extremely philanthropic” in their help for Covid-response causes such as the Big Night In, The 2.6 Challenge, and Captain Tom Moore, according to Northern Ireland’s Chief Charity Commissioner, who recommended the people to examine all of the charities in existing.

The UK government has unveiled a £750 million support program for charities across the country. A total of £370 million was set aside to fund small, local charities that work with vulnerable populations, with the respective allocations to England, Scotland, Wales, and Northern Ireland.

Christian Aid said on April 27 that its annual fundraising week, which runs from May 10 to 16, will take place without door-to-door letter distribution and collection, as well as associated face-to-face fundraising events, in preference of boosting online donations.

The governor of the Bank of England has urged the British government to assist firms hit by the coronavirus, and is said to be working with the Treasury on a stimulus program to keep the British economy from entering a downturn. The value of companies listed on the London stock exchanges has dropped, owing to fears about the coronavirus, according to analysts.

The Bank of England dropped its bank rate from 0.75 percent to 0.25 percent to support the economy. The interest rate was slashed one further on March 19, this time to 0.10 percent, the lowest level rate in the bank’s 325-year history.