Economic update: coronavirus

The COVID-19 outbreak has now well and truly hit the UK, with the number of confirmed cases rising above 25,000 as of 31 March. As measures to protect the health of the nation have been put into place, the impact on the health of the economy has also intensified. To help stem the spread of the virus and to support the NHS, the government has instituted tighter containment measures – such as closing down non-essential stores and implementing social distancing guidelines – to suppress the risk of immediate, widespread contagion across the population.

These unprecedented measures, alongside the disease itself, will have a significant impact on UK economic activity in the coming months. While this hit to the economy is set to be temporary, it has far-reaching consequences for businesses and individuals across the country.