Calculating The Economic Impact From COVID-19
Posted by : Premraj
| Posted on : Friday, May 1, 2020
Photo by Anna Shvets from Pexels
The coronavirus has had a huge impact on the world as we know it. Businesses are struggling and you will also see that companies are having to change the way that they operate so that they can meet the new government guidelines. If you want to find out more then take a look below.
Pensions and Investments
Since the outbreak began, stock markets have fallen by a huge amount. They are very likely to remain quite volatile for a while as well. You may be wondering if you should do something with your pension right now. If you are currently paying into a pension and you have a number of years before you draw from it then you might want to increase your pension contribution so that you can make up for the stock market losses. Every contribution you make will be boosted by 20% tax relief. Your employer will also be able to match the contribution you make as well. If you need some support, then TailorMade Pensions are a great option.
If you are close to retirement then you might have seen your funds lifestyled. This essentially means that your pension has been moved to a less risky fund. It doesn’t mean that your pension will not have taken a hit, but it will be less than if you stayed invested in shares. Not every pension scheme will offer this automatically, so do keep that in mind. It may be that you need to look into the benefits of a SIPP or that you need to make some other related changes to your pension.
A Quarter of Firms are Laying Off Staff
The scheme that has been announced by the government gives organisations the chance to furlough some of their staff who are on their payroll. The government will then cover 80% of their salaries. The numbers will have risen quite a lot since and this won’t cover every worker who has been affected either. Other figures have shown that the number of people who are applying for Universal Credit has risen by 950,000 in two weeks alone. The majority of these people were self-employed. Even with the furlough scheme, some say that the UK unemployment rate could double.
Supply Chain Issues
Six out of ten firms on the ONS have stated that they are neither importing nor exporting right now. Those who are importing are doing so at half the rate they normally do. A lot of this could be down to movement restrictions, shut factories and even depleted workforces. The ONS survey doesn’t even reveal the extent of the disruption either. It’s possible that it is delayed and that the actual figure is much higher.
Of course, the coronavirus really has devastated the UK market and it would seem that more needs to be done to give those who are in need, more support. If this is not done then the economy may be hit even more and this could have long-lasting consequences for not just the investment industry, but for every UK sector.
Comments : Post a Comment |
Category : Business |
Tags :
What would you do with profit from your real estate sale? Well, for starters, you’d have to pay tax and then decide what to do with the rest of the money. What if we told you there’s a way to defer paying capital gains tax while increasing your real estate portfolio? That’s what Delaware Statutory […]
Read More >>
You’ve probably thought about retiring. Who hasn’t? The sad truth is that while most people are told to start young, circumstances generally prevent this from happening. Of course, when you do start to think about retirement and the possibility of retiring early you’ll have a lot of ground to make up. The good news is […]
Read More >>
Insurance is something that people usually refrain from talking about as it can seem quite confusing, complicated, and at times, it can become tiresome. However, choosing the right type of insurance for yourself and your family is an important decision. You have a family, and you must protect them at all costs. You may have […]
Read More >>
Technology has made it possible for anyone to set up their own business and start selling to a global audience. However, as easy it is now to launch a business, there are still pitfalls that are easy to overlook if you don’t know what you’re doing. With the wide range of resources available, many of […]
Read More >>
Despite the obvious advantages of owning your own car, it’s fair to say this mode of transport is a money pit. Purchasing the vehicle is only the starting point – there are other costs such as insurance, fuel, and maintenance to consider. All of these add up and can burn a hole in anyone’s budget. […]
Read More >>
Life is unpredictable. The entire insurance industry was founded upon this simple principle. Because of all of life’s uncertainties, dangers, and unexpected events, insurance is one the largest and most necessary industries in the modern world. Traveling for work can be exciting, exhausting, and sometimes, hazardous Almost all modern professionals have medical insurance for their […]
Read More >>
If you have borrowed some money to get through your college period, you are not alone. Dealing with student loans is tough, and it can get pretty nerve-wracking if you don’t know where to start. Student loans are a growing crisis in the world as American alone owe an incredible $1.5 trillion dollars in debt, […]
Read More >>
Your small business is your main priority, and while cash flow can be tight when first starting up, there are certain costs you should never ignore if you want your business to remain successful and safe. When determining the cash flow for your business, you should always factor in the following four costs, regardless of […]
Read More >>
While Medicare is fairly simple to define — it being the federal health insurance program that gives benefits to a select group of the population including seniors and people with disabilities — it’s comprised of several parts and therefore can be hard to navigate. With this in mind, this article will define who is eligible for […]
Read More >>
There are many occasions in life when people find themselves in need of some extra cash. Whether it’s a small amount to cover unexpected purchases or medical bills, or a much larger amount for something like a new home or car, loans can help people from all walks of life overcome an array of challenges. […]
Read More >>
DELICIOUS
SU
REDDIT
