March 24, 2021

Anna Murray 

An article released from one of the UK's leading economics consultancies, the Centre for Economics and Business Research (CEBR), was published on British news and media The Guardian on March 22. CEBR’s report emphasized COVID lockdowns have shrunk the UK economy by £251 billion (US$351billion), which amounts to twice the Gross domestic product (GDP) of Scotland.

Since Prime Minister Boris Johnson imposed the first coronavirus lockdown in March 2020, the British economic activities have been closely tied to the coronavirus pandemic. Households and companies were affected by disruption and restricted in remote working. COVID lockdowns have led the UK to suffer the worst annual economic tumble in 2020 for more than 3 centuries.

According to the analysis derived from the report, Sam Miley, a CEBR economist, indicated that consumer spending was down, businesses were shattered, and many individuals were unemployed during a year’s COVID lockdowns. These contributing factors have stricken the UK economy hard and caused thousands of lost lives.

Photo:Webshot.