According to the Bank of England, the availability of mortgages declined dramatically in the three months ending May 2020 – implying a bigger credit squeeze than in the worst three-month period of the global financial crisis.
Wayne Rooney decried that ‘[If] Manchester United or Man City need 30 per cent of their players’ wages to survive… then football is in a far worse position than any of us imagined.’.
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13.5% of all UK businesses have temporarily closed or paused trading, during the lockdown, with 86.4% of workers in these businesses on furlough.
While it is still uncertain how the United Kingdom’s economic policy will be reframed by the pandemic, Boris Johnson and Rishi Sunak have already publicised what they term a ‘Rooseveltian’ approach to the economy, striving to strengthen public spending across multiple sectors of the economy.
Concerns exist around the possibility of new barriers and local regulations in global maritime trade, or that nations seek to extend their flag protected fleets, leading some to expect a particularly painful and stilted recovery.