Britain’s economy will falter before Christmas with continued job loss and store closures, despite government measures to protect businesses in the latest Covid-19 restrictions.
Business surveys show a sharp drop as tough new restrictive measures are introduced across the UK amid a second wave of coronavirus, paving the way for a tough winter. before the economy recession.
While the damage to many industries will be less severe than the first shutdown, accounting firm BDO said measures of business confidence and output fell in October for the first time since April. :
October was the worst month for the pandemic so far
A Reuters statistic calculated that October was the worst month of the coronavirus pandemic to date, with its second wave in the past 30 days accounting for a quarter of all cases.
Last month saw the virus spread at a rapid rate: while it took 32 days for the number of cases to rise from 30 million to 40 million, it took only 21 days to add 10 million.
The milestone was bleak after the United States reported more than 100,000 new cases for four consecutive days. The country broke its own record for the number of cases per day almost every day last week.
Europe has also contributed a lot to the global case growth. The region has reported around 12 million infections, making it the worst affected region, surpassing Latin America. It also accounts for nearly a quarter (24%) of coronavirus deaths.
A Reuters analysis showed that the number of new coronavirus infections in Europe is increasing by about one million every three days:
Economic downturn from Covid-19 makes the prospect of third world war ‘at risk’