The Latest Indicators for the UK Economy and Society

The Latest Indicators for the UK Economy and Society

Early experimental data on the impact of the Coronavirus (COVID-19) on the UK economy and society show that:

  • Over half (54%) of businesses that had not permanently ceased trading said they were owed outstanding invoice payments as a result of the pandemic.
  • Less than half of all businesses had cash reserves to last six months.
  • On 23 August 11% of the entire UK workforce were Furloughed.
  • There was a continuing trend of reduced home working according to the latest Opinions and Lifestyle Survey (OPN), with 20% of working adults exclusively working from home.  
  • Between 21 and 28 August, total online job adverts remained 55% of their 2019 average for a fourth consecutive week.
  • In the week commencing 24 August, overall footfall increased across the categories of high streets, retail parks and shopping centres to over three-quarters of its value on the same day a year ago for the first time since lockdown began.

Note: The Business Impact of COVID-19 Survey (BICS) is voluntary. These indicators are created using rapid response surveys, novel data sources and experimental methods. Please click here for the results of the survey.

It is very clear from the survey that cash flow planning is absolutely necessary right now and we can help you plan forward and make better business decisions. We have some great planning tools – just ask! Please click here for our previous article on effective cash management.

We are Digital Accounting specialists and can help you move your business into the Digital era – essential in the new working from home environment. Please click here for our previous article on the digital tools available for collecting payments.

If you would like to understand your cash position in a bit more detail, need further advice or support, or would like to know more about how we can help you implement digital tools in your business, then please don't hesitate to contact our Digital Services Manager, Sarah Smith, on the details below or schedule a quick chat via this scheduling link:

Sarah Smith

Digital Services Manager

direct dial: 01942 292527