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Virus crisis is expected to’level down’ the UK economy

 


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The corona virus crisis can “level down” the UK economy, and London and Southeastern are expected to recover faster than Hull and Bradford.

According to a report by the Social Market Foundation (SMF), industries such as finance and construction warned that the epidemic would be the worst hit.

At first, London and the Southeast will be the worst affected.

However, other areas are more distressed by the effects of the virus, said the Centrix think tank.

The BBC approached the government for comment.

The worst affected areas in the short term:

Camden and City of London Kingston, Chelsea, Hammersmith and Fulham Lambeth East Lancashire Hounslow and Richmond upon Thames Ealing Tower Hamlets Westminster Swindon West Essex

“After the financial crisis, London recovered rapidly due to the concentration of jobs in the banking and insurance sectors,” the report said.

“These jobs will face the first biggest blow from the corona virus, but there is evidence that capital will recover more economically and the labor market will recover faster than other countries.”

Struggling to refrain from Covid-19’s economic strike training system as unemployment concerns increase

According to the SMF, this is not the case in regions where the unemployment rate exceeded the UK average of 3.8% last year.

Areas including Manchester and Peterborough are said to be recovering the slowest.

The most difficult areas to return:

Hull Bradford Walsall Manchester Peterborough Lambeth Succe Brent Red Bridge and Waltham Forest Sandwell

SMF’s Amy Norman said, “Policy makers should be aware that national or regional data can hide the local reality of this recession and should not rely on it when making important decisions for corona virus recovery.

“The economic severity of the corona virus will be felt in many places, but we must remember that this recession does not occur in isolation,” she said.

“A lot of people and places outside the capital will be particularly vulnerable because of the hardships of the past decade.”

The report also found that young people are more vulnerable to the economic impact of the viral crisis.

People between the ages of 20 and 24 were the least likely to work in areas such as education, health, or public administration, which resulted in fewer or more overlapping people.

“Youth jobs are at greatest risk, but a quarter of older workers face job instability,” said Norman.

“Politicians have announced guaranteed youth opportunities, but are revealing that they support older people who can get the job done.”

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