Best Automated Bot Traffic

Worldnews24daily

Breaking News, Politics, Sports, Business, Entertainment

Home Business

United Kingdom economy in financial crisis due to COVID-19

by Emily Karlik
October 13, 2020 8:31 pm
in Business
0 0
United Kingdom economy crisis COVID-19
Facebook

United Kingdom is in the first row among the economy fall into financial crisis countries due to the COVID-19 pandemic. This country economy shrank 20.4 percent in the second quarter of this year.

Although it has turned around a bit since July this year, the pace is so slow that researchers think it will not be able to protect the economy. At the same time, the government’s borrowing has increased, taking the debt situation to record highs.

uk coronavirus update
Public transport sectors are in much financial crisis to reduce people movement due to coronavirus in the UK

A study by the Institute for Fiscal Studies (IFS), one of the country’s leading research institutes, says UK government borrowing will reach a level not seen before this year. The agency says the needed to increase the income needs of employment, businesses and individuals to keep the economy afloat.

The UK government has given about $200 billion of incentives to the economy for this. However, due to this, a large income tax increase will be inevitable in the future.

The United Kindom government borrows from global investors and the Bank of England to provide services to the public to protect the economy crisis. Later they tried to maintain their balance through taxes. The agency says the economy will shrink by 5 percent from what was expected in March 2014-25 this year. At the same time, the debt burden of the government will increase a lot.

 

Analysts say economic balance will be maintained at all times, even if the government promises it will not be possible. This year, the government’s annual borrowing will go back to World War II. The national debt will be bigger than the economy. By 2025, debt will reach 110 percent of GDP. However, IFS also warned that now is not the time to raise taxes or reduce spending.

New Brexit trade barriers with the European Union, as well as economic assistance due to the epidemic, are needed. For now, interest rates on government loans are low.

UK economy down
To reactivate the business Restaurants, shopping malls, coffee shops are offering various discounts to attract buyers.

Due to the coronavirus epidemic in August this year for the first time, the UK’s debt has exceeded $2 trillion. From July last year to July this year, the debt added £227.6 billion. In July alone, the government borrowed £26.7 billion.

United Kingdom finance minister Rishi Sunak said, “The ongoing economy crisis has put pressure on public activity. This has hit our economy hard. Necessary measures have been taken for millions of jobs, businesses and livelihoods.

Earlier last month, the IFS study said, On average the average annual wage of people in the UK has dropped by at least £800 compared to a decade ago. That’s why analysts have called it a lost decade.

 

They say the human condition has deteriorated over the past decade. The study found that people between the ages of 30 and 39 are now earning £2,100 less per year than people of the same age in 2008. That’s menses, the income of the people has decreased by 7.2 percent. On the other hand, the income of people in the age group of 20-30 years has decreased by 5 percent and the income of working people in their 60s has decreased by 0.7 percent.

Tags: Covid-19 CrisisEconomyUK

Related Posts

UK trade centers
Business

UK going to establish four regional trade centers

IMF sent Myanmar $350 million emergency aid
Business

Days before coup, IMF sent Myanmar $350 million in emergency aid

Global car production fall down
Business

Global car production fall down about 20%

British cairn energy threatens Indian government
Business

British cairn energy company threatens to seize Indian government assets

Elon Musk, Jeff Bezos world's richest person
Business

Elon Musk displaces Jeff Bezos again as world’s richest person

New Zealand central bank cyberattack
Business

New Zealand central bank hit by cyberattack

Top 7 tech companies 2021
Business

Top 7 tech companies added $3.4 trillion in value in last year

Zhong Shanshan richest person in Asia
Business

China’s Bottled water tycoon Zhong Shanshan now richest person in Asia

Next Post
Thailand Protests against monarchy

Thailand Protests against the monarchy, emergency alert in Bangkok

Republican party don't support Trump

Republican party many leaders don't support Trump

Hay festival sexual assault against UAE minister

Hay festival a woman curator claims sexual assault against UAE minister

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us In Social Media

  • Trending
  • Comments
  • Latest
Facebook losing 2 million daily users US Canada

Facebook losing 2 million daily users in US and Canada

Joe Biden pledges free COVID-19 vaccine for all Americans

Joe Biden pledges free COVID-19 vaccine for all Americans, If elected

Scarlett Johansson and Colin Jost third married

Scarlett Johansson get secretly married for the third time

Coronavirus: At last medicine has been Discovered

Coronavirus Vaccine

Coronavirus vaccine: Positive results found after the trial run ‘Remdesivir’ drug

crude oil

US oil price less in history, Per barrel ‘Zero’ dollars

China Already Sents Troops To Iran

Netflix provide $100 Million support

Netflix provide $100 Million support relief Fund

Biden Greenhouse Gas emissions

Biden wants to cut Greenhouse Gas emissions in half by 2030

history of google

History Of Google

Hong Kong Father Of Democracy Martin Lee

Hong Kong’s ‘Father Of Democracy’ Martin Lee among activists facing Jail

Emma Stone baby

Emma Stone gives birth, welcomes first baby with husband Dave McCary

Recent News

Biden Greenhouse Gas emissions

Biden wants to cut Greenhouse Gas emissions in half by 2030

history of google

History Of Google

Hong Kong Father Of Democracy Martin Lee

Hong Kong’s ‘Father Of Democracy’ Martin Lee among activists facing Jail

Emma Stone baby

Emma Stone gives birth, welcomes first baby with husband Dave McCary

Worldnews24daily logo official

         Follow us

Mobile logo worldnews24daily

               Follow us

Home

World

United States

Coronavirus

Business

Sports
Asia

Europe

Technology

Middle East

US Election 2020

Entertainment

Home                         United States

World                         Coronavirus

Business                   Asia

Sports                        Europe

Technology             US Election 2020

Middle East             Entertainment

About Us
Privacy Policy
Terms and Conditions
Disclaimer
Contact Us

Copyright © 2021 Worldnews24daily – All rights reserved by WN24D Inc.

No Result
View All Result
  • Home
  • United States
  • US Election 2020
  • Coronavirus
  • Sports
  • Business
  • Asia
  • Europe
  • Middle East
  • Technology
  • Entertainment
  • More
    • About Us
    • Privacy Policy
    • Terms and Conditions
    • Disclaimer
    • Contact Us

Copyright © 2021 Worldnews24daily – All rights reserved by WN24D Inc.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In