The spread of COVID-19 has already disrupted the economy in China and beyond. This page collects together ICAEW insights and externally-produced resources giving economic indicators and analysis on the financial impact of the coronavirus.
29 May 2020: Government looks to financial markets to fund large-scale fiscal interventions in the economy
28 May 2020: huge economic shock combined with unprecedented fiscal interventions are driving a global and UK fiscal crisis.
27 May 2020: In the wake of a new report predicting a 10% slump in global GDP, ICAEW has called for governments and businesses to take a new approach to rebuilding rather than returning to a pre-crisis state.
22 May 2020: UK Government being paid to borrow money, with first negative yield gilt
22 May 2020: As the Bank of England lays the groundwork for a potential move to negative interest rates in response to COVID-19, we consider five key issues for financial services in a negative interest rate environment.
21 May: Homeowners in Scotland temporarily have three years to sell their home after buying a replacement property and claim a refund of land and buildings transaction tax (LBTT).
15 May 2020: virtually no business has been left untouched by coronavirus but historical context gives us cause for economic optimism.
12 May 2020: ICAEW’s Public Sector team outlines five actions the government could take to ensure more equality in the rebuilding of the economy and establish an improved, ‘new normal’ in society.
12 May 2020: Business confidence has plunged to a new quarterly low, trumping the trough reached at the peak of the 2008 financial crisis, according to the latest Deloitte CFO survey.
7 May 2020: Public finances around the world are being severely affected by the coronavirus pandemic, with the United States being no exception.
1 May: The unsung heroes at the Debt Management Office (DMO) have swung into action as the UK Government has started to burn through cash at an astonishing rate, as illustrated by the #icaewchartoftheweek.
30 April 2020: the latest weekly COVID-19 update from Deloitte explored the partial easing of lockdown restrictions in several European economies and examined the global impact of the collapse in oil prices.
29 April 2020: as we enter a second month of lockdown, attention is now turning to what the future economic landscape will look like. To discuss this and more, Professor Trevor Williams will join ICAEW for a one-off webinar.
27 April 2020: can accountancy rise to the challenges presented by the COVID-19 pandemic and become part of the solution?
24 April 2020: dramatic decline in electricity usage confirms the scale of the economic downturn and the impact that will have on tax receipts.
20 April 2020: while Government measures to aid the UK economy are showing promise, more needs to be done to get cash out to small businesses, says ICAEW Chief Executive Michael Izza.
20 April 2020: The Financial Conduct Authority’s payment holiday proposals offer some relief to those with car or high-cost finance, but risk looms for lenders facing increased exposure to defaults.
17 April 2020: The #icaewchartoftheweek is on the ‘coronavirus reference scenario’ put together by the Office for Budget Responsibility (OBR).
15 April 2020: the Office for Budget Responsibility cautions that this is only one of many plausible scenarios.
9 April 2020: This #icaewchartoftheweek is on the subject of credit and debit usage in the UK
Hub produced by Eurostat collecting together statistics on the economic impact of the coronavirus pandemic across Europe. It includes the latest releases, analysis, data visualisations and data sets tracking key indicators.
Data from IHS Markit PMI surveys show a steep decline in business activity across all UK industry sectors, with record drops in output and demand in manufacturing, services and construction. Job losses were also at a record peak as firms try to reduce costs in the face of falling revenues. However, there are signs of tentative optimism for future expectations.
Weekly briefing from PwC presenting key economic data plus illustrative scenarios and analysis of the impact on industry sectors.
Quarterly forecast produced by the European Commission outlining projections for the region's economy. The report states that the coronavirus pandemic represents a major shock for the global and EU economies, with very severe socio-economic consequences. The EU economy is forecast to contract by 7.5% in 2020.
Research briefing looking at the effect of the coronavirus and policy responses on the UK economy and public finances.
A series of weekly webinars hosted by Deloitte's Chief Economist discussing the impacts of COVID-19 on the UK and global economy, challenges faced by organisations, how businesses are responding and government initiatives.
Detailed briefing examining the likely impact of the coronavirus epidemic on SMEs alongside an inventory of country responses to foster SME resilience. The paper brings together data on disruption to firms and the impact on revenue, sales, employment costs, demand, supply chains, and other areas from industry surveys across OECD countries.
Bulletin from the Confederation of British Industry (CBI) summarising the impact of the coronavirus on supply chains, activity, labour and operating conditions.
Caixin Purchasing Managers' Index (PMI) data for February 2020 shows a severe impact on China's manufacturing sector and intense pressure on supply chains resulting from the outbreak of COVID-19. However, the situation is expected to improve through March once coronavirus-related restrictions are lifted and manufacturers resume work.
The UK Manufacturing Purchasing Managers' Index (PMI) for March 2020 sees rapidly emerging disruption to supply chains due to the outbreak of COVID-19. Responses from purchasing managers indicate that companies have depleted Brexit safety stocks and that delays in the delivery of inputs have led to increased pressure on inventories, with stocks of purchases falling at the fastest rate in over seven years.
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