Impact of COVID-19 on UK Economy Size, Share, Growth, Research and Forecast 2019-2025

UK is a highly volatile economy in terms of uncertainty in investment and production output due to Brexit's impact. However, the country has a significant value in the export of goods and services. The country has shown a significant rise in manufacturing operations, including food & beverage, machinery and equipment, and chemicals. Since the 2008 recession, the recovery of the manufacturing industry significantly relies primarily on four industries, such as the production of food, repair of machinery, motor vehicles, and other transport equipment.

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As per the Office for National Statistics (ONS), the total value of product sales by UK manufacturers was $500 billion in 2018, an increase of 0.8% from 2017. The production of food products division is constantly making a significant contribution, led nearly $91 billion to total UK manufacturers’ product sales in 2018. In addition, the production of machinery and equipment increased by 1.8% and reached nearly $36 billion in 2018. This has led to increased sales from the production of machinery for construction, mining, and quarrying industry. The global demand for machinery and equipment by UK manufacturers continued to increase, which is primarily contributing to drive the UK manufacturing sector.

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However, like other countries, UK is facing a major challenge of recession concerning the effect of COVID-19 pandemic. It has affected the whole production capability of the country coupled with a slowdown in global demand, and concerns regarding the availability of raw material. As a result, the manufacturers of machinery and equipment in the country have been temporarily shut down their industrial operations. For instance, in March 2020, Joseph Cyril Bamford Excavators Ltd. (JCB) has suspended manufacturing at all of its UK factories coupled with falling demand for construction equipment. The company’s global demand for products has declined sharply as customers were cancelling orders and suspend deliveries. Therefore, it has stopped its UK production facility to re-plan orders and stocks condition, as well as focus on products that are needed by customers.

Based on industry classification, the report is segmented into automobile, food & beverage, machinery, electrical and electronics, aviation, BFSI, retail, healthcare, and others. A major slowdown in automobile production has been reported due to the effect of COVID-19. Many automobile manufacturers have shut down their automobile manufacturing facilities due to the coronavirus outbreak. For instance, Jaguar Land Rover Automotive PLC, a part of Tata Motors, suspended its production facility in line with the government advise to reduce the spread of coronavirus. The global automobile companies with their operations in UK, including BMW, Toyota, and Honda declared they have temporarily shut down their UK factories due to the coronavirus pandemic. This would result in a weaker production of automobiles in the country.
UK banks are focusing on reviving their economy by offering support to businesses. During a special meeting of the Monetary Policy Committee (MPC) on 10th March 2020, the Bank of England declared to reduce Bank Rate by 50 basis points from 0.75% to 0.25% to counter the economic shock following from the coronavirus effect. A low rate offering by Bank of England rate will encourage people to borrow money. These measures will support to keep firms in business and save employment and support avoiding longer-lasting economic harm.

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Key companies operating in UK whose business operations are significantly affected due to COVID-19 include Associated British Foods plc, British Airways plc, Tesco PLC, Rolls-Royce Holdings plc, and Dyson Ltd. As a result of the COVID-19 epidemic, on 22nd March 2020, Associated British Foods plc has closed all of its stores in UK, which represented 41 of its sales. Due to the closure of all Primark stores, the company projects a loss of some $750 million of net sales per month. On the contrary, due to unprecedented demand for ventilators in the country, UK government and manufacturers are adopting some important measures for the development of more ventilators. As a result, UK government has enlisted Rolls-Royce Holdings plc and Dyson Ltd. to produce life-saving ventilators, which in turn, will support to increase their revenue generation.

Verticals Affected Most

• Automobile
• Food & Beverage
• Machinery
• Electrical and Electronics
• Aviation
• BFSI
• Retail
• Healthcare
• Others

Company Profiles

• Associated British Foods plc
• Aviva plc
• BAE Systems plc
• GlaxoSmithKline PLC
• British Airways Plc
• Dyson Ltd.
• J Sainsbury plc
• Joseph Cyril Bamford Excavators Ltd. (JCB)
• Vodafone Group plc
• Royal Bank of Scotland Group plc
• Tesco PLC
• Thomas Cook Group Plc
• Virgin Atlantic Airways Ltd.
• HSBC Holdings plc
• Barclays plc

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