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The virus crisis is expected to “level down” the UK economy
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The coronavirus crisis could “level” the UK economy, with London and the Southeast expected to bounce faster than Hull and Bradford.
Sectors such as finance and construction are most affected by pandemics, according to a report by the Social Markets Fund think tank.
Initially, that means London and the South East will suffer the worst, but other regions are facing slower recovery.
The Treasury said it has committed to “leveling” all parts of the UK.
Most affected areas in the short term:
- Camden and City of London
- Kingston, Chelsea, Hammersmith, Fulham
- Lambeth
- East Lancashire
- Hounslow and Richmond Upon Thames
- Ealing
- Tower hamlet
- Westminster
- Swindon
- West Essex
“After the financial crisis, London’s rapid recovery was due to the concentration of jobs in banks and insurance,” said a report by the Social Market Foundation (SMF).
“While these jobs face the first biggest blow from the coronavirus, evidence suggests that capital is more economically resilient and the labor market recovers faster than the rest of the country. “
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But that isn’t the case in regions where unemployment was above the UK average of 3.8% last year, according to the central think tank SMF.
It said those areas, including Manchester and Peterborough, were facing the slowest recovery.
Areas that may be the most difficult to bounce off:
- Spring
- Bradford
- Walsall
- Manchester
- Peterborough
- Lambeth
- Thurrock
- Brent
- Red Bridge and Waltham Forest
- Sandwell
“Policy makers recognize that even national or regional data can hide the local reality of this recession and should not rely on it when making critical decisions for recovery from the coronavirus. There is a need,” said SMF’s Amy Norman.
“Although the economic seriousness of coronaviruses can be felt in many places, it is important to remember that this recession does not occur in isolation,” she said.
“Many people and places outside the capital are especially vulnerable because of the persistent difficulties of the last decade.”
The report also found that young people are more vulnerable to the economic consequences of the viral crisis.
It states that people between the ages of 20 and 24 are least likely to work in areas such as education, health, and government, which has caused a few people to flee or become unnecessary.
“Youth jobs are most at risk, but a quarter of older workers face job insecurity,” Ms Norman said.
“Politicians have announced guaranteed youth opportunities, but they downplay support for older categories of people who lose their jobs.”
A Treasury spokesperson said:
“In addition to the generous financial support that has protected millions of jobs and businesses, we support communities across the country. The spring budget for 2020 includes local transportation for towns and cities in England. We have allocated more than £6 billion and have spent $5 billion to support the fastest broadband rollout and a £2.5 billion skill fund to help communities thrive.”
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