UK economic output reduces to 31% as result of coronavirus lockdown

Research published by the Centre for Economics and Business Research (CEBR) has revealed that UK economic output has reduced to 31% as a result of the coronavirus (COVID-19) lockdown.

Glasgow: 0141 221 0477 | East Kilbride 01355 230161 | Hamilton: 01698 284 888 or email accountants@ngs-ca.co.uk

Research published by the Centre for Economics and Business Research (CEBR) has revealed that UK economic output has reduced to 31% as a result of the coronavirus (COVID-19) lockdown.

The CEBR warned that the lockdown has 'extremely severe economic consequences' for the UK. According to the research, the manufacturing sector is set to see the highest fall in output in absolute terms as a result of workers who produce goods being unable to do so remotely from home. The CEBR estimates that this will cost the UK economy £500 million a day, with production in the sector reduced to 69%.

The Centre also stated that the accommodation and food services sector is likely to be 'disproportionately impacted'. However, the UK services sector is less likely to be adversely affected, as employees in this sector have greater ability to work remotely.

According to the CEBR, the COVID-19 lockdown is costing the UK £2.4 billion per day.

Douglas McWilliams, Deputy Chairman of the CEBR, said: 'These results show that the manufacturing sector, as well as the more obvious sectors such as retail and leisure, is one of the more badly hit by the virus and economic slowdown.

'Many of the government measures do little to help capital intensive sectors like manufacturing, which benefits relatively less from furloughing employees and is essentially excluded from rate relief.'

Dedicated to delivering a first class client service

Nelson Gilmour Smith has been in business for over 100 years and today, we continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike.

We have many clients in the local community and service businesses, small and large, across many sectors.

Learn more

Latest news
Contact Details

Please call:
Glasgow: 0141 221 0477
Kilbride: 01355 230161
Hamilton: 01698 284 888

View office Locations

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

© 2021 Nelson Gilmour Smith. All rights reserved. powered by totalSOLUTION

Nelson Gilmour Smith, Mercantile Chambers, 53 Bothwell Street, Glasgow, Lanarkshire G2 6TB
Kilbride Office : 33 Kittoch Street, East Kilbride G74 4JW
Hamilton Office : 47 Cadzow Street, Hamilton ML3 6ED
We use cookies on this website, you can find more information about cookies here.