Given the importance of the industry to the UK economy, its ability to adapt to these challenges could have significant implications for employment and the pace of the economic recovery
All the indicators point toward a sweet and sour year for start-ups. While UK tech startups raised €5.3 billion in venture capital funding between January and May 2020, similar to in 2019, the optimism appears to be subsiding in the second half of the year.
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.’.
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.
Since April we have seen politicians around the world trying to roll back on the panic created by the Corona Virus. The machinery of government and its institutions, particularly areas involved in health, led by the World Health Organisation, embraced the idea of pandemic and effectively shut down the world’s economy.