While the charity sector has shown remarkable resilience throughout the pandemic, there are concerns that government support is masking the true extent of the financial impact. We examine the prognosis for the year ahead.
Coronavirus and industry sectors
The spread of coronavirus (COVID-19) has resulted in significant industry disruption. This page collates ICAEW insights and externally-produced resources on the impact of coronavirus on different industry sectors.
Could coverage levels change because of the coronavirus and will increased demand affect supply, asks Laura Miller.
With three years of lost revenue and a drastic reduction in headcount, the travel industry is fighting for survival and unlikely to recover overnight, explains Nicola Spoor, Travel, Audit & Tax Director at White Hart Associates.
Low demand twinned with fortunate weather conditions have enabled agriculture divisions to slip under the radar of some COVID and Brexit complications - but could this be the calm before the storm?
ICAEW Insights spoke to the owner of a manufacturing business about how problems posed by Brexit and COVID have pushed their company to raise staff pay in return for a 40% downgrade in productivity.
General industry resources
Guidance published by GOV.UK for businesses that are allowed to reopen in England. Helps employers carry out a sector-specific risk assessment and make adjustments to their site and workforce in order to reopen safely.
Series of insights from PwC’s Strategy& looking at how COVID-19 is affecting industries in the UK and how organisations can meet the challenge. Industries include power and utilities; travel and leisure; aviation; government; automotive; healthcare; pharmaceutical; banking; industrial manufacturing; real estate; asset and wealth management; retail; consumer goods; telecoms; insurance.
Guidance from GOV.UK on how to open workplaces in England safely while minimising the risk of spreading COVID-19. Includes guides for close contact services; construction and other outdoor work; factories, plants and warehouses; heritage locations; hotels and other guest accommodation, labs and research facilities; offices and contact centres; other people's homes; restaurants, pubs, bars and takeaways; shops and branches; vehicles; the visitor economy.
Industry-specific information and guidance from Deloitte on COVID-19. Sectors include aerospace and defence; automotive; consumer products and retail; financial services; government and public services; industrial products and construction; life sciences; mining and metals; oil, gas and chemicals; power, utilities and renewables; technology; telecom, media and entertainment; transportation and hospitality.
Data and analysis from ONS on coronavirus (COVID-19) in the UK and its effect on the economy and society. Includes information on coronavirus and homeworking in the UK labour market and analysis of the industries and occupations that parents and those aged 70 or over work in.
Report from the Irish Farmers Journal and KPMG examining how the Irish agribusiness sector has adapted in the wake of the dual threat of COVID-19 and Brexit.
Resources on Coronavirus from the Agriculture and Horticulture Development Board (AHDB) to help farmers, growers and supply-chain businesses. Includes market and sector analysis and guidance on dealing with coronavirus in the supply chain.
Latest edition of the Society of Motor Manufacturers and Traders' annual trade report. Examines the impact COVID-19 is having on the automotive sector, both globally and in the UK. Also discusses the challenges facing the UK sector beyond lockdown, in particular Brexit and the end of the transition period.
Interactive map from the European Automobile Manufacturers Association showing the impact of COVID-19 on the production of motor vehicles for each of the 27 EU member states plus the UK. Figures are updated on a weekly basis.
Survey of automotive suppliers from information provider IHS Markit on the impact COVID-19 has had on manufacturing operations and supply chains.
Regularly updated reports from the International Civil Aviation Organization (ICAO) exploring the potential economic implications of the COVID-19 pandemic on the global civil aviation sector.
Press release from the International Air Transport Association (IATA) on its financial outlook for the global air transport industry for 2020 and 2021. Includes discussion of regional performance for 2020, expected losses in 2021 and the industry’s recovery. Additional data is available in the presentation COVID-19: Outlook of the Airline Industry 2020-2021.
Information from aviation organisation EUROCONTROL on the impact of COVID-19 on air traffic in Europe. Includes a regularly updated assessment of the latest traffic situation and how it has changed compared to the same period in 2019. Also includes future air traffic scenarios and updates on the latest measures taken by European States and major European airlines in response to the pandemic.
An updated assessment from the International Air Transport Association (IATA) comparing the impact on aviation of previous disease outbreaks with COVID-19. It highlights the potential effects in different markets of a limited spread scenario and an extensive spread scenario in terms of impact on passenger numbers and passenger revenues.
The International Air Transport Association (IATA) compares the impact on aviation of previous disease outbreaks with COVID-19. Data from February 2020 shows a 60% decline in domestic and international China passenger numbers and a potential industry-wide US$29bn loss of passenger revenues.
Research briefing from the House of Commons Library on the size of the financial impact of COVID-19 on universities in the UK. Considers international and home students numbers, research work and revenue from accommodation, catering and conferencing. Government measures to support the sector are also discussed.
Report from EY-Parthenon on the impact of COVID-19 on fee-paying schools in England and possible scenarios for the future of the sector.
Report by London Economics for the University and College Union on the impact of COVID-19 on the finances of a selection of universities across the UK. Includes analysis of student enrolments and income, net cash inflow from operating activities and employment. Also considers the wider economic impact associated with the expected reduction in higher education institutions’ income and expenditure and this impact by region.
Energy and natural resources
Briefing from Tolvik Consulting assessing the impact of COVID-19 during the second quarter of 2020 on the UK waste sector, with a particular focus on residual waste. Includes a series of projections for residual waste in England for the rest of 2020-21 and through to 2025.
Coronavirus (COVID-19) and Solar PV: How will the solar PV industry weather the storm of a global pandemic?
Report from IHS Markit on the impact of COVID-19 on solar PV production and demand and the shape of the industry once the global crisis is over.
Information from trade association Wind Europe on coronavirus and the wind power sector. Includes impacts on the wind power supply chain and energy policy and regulation.
Hub from research and consultancy group Wood Mackenzie with regularly updated articles on the impact of coronavirus on the global energy industry.
Fashion and textiles
Press release from the International Textile Manufacturers Federation containing the results of a survey into the impact of coronavirus on the global textile value chain. Covers the impact on current orders, expected turnover for 2020 and challenges and opportunities for the sector. The results of a second survey were published on 6 April.
Regularly updated article from Women’s Wear Daily (WWD) on the impact of coronavirus on the fashion industry. Includes news on brands, major retailers, trade shows and industry events.
Analysis from KPMG of the economic consequences of the COVID-19 pandemic on the performance and expected credit losses of major UK banks.
Research paper from the House of Commons Library which includes information on the impact of Covid-19 on the UK financial services sector.
Survey by Lloyds Bank providing insight into how financial services firms have been impacted by the Covid-19 pandemic and their post-lockdown strategic priorities.
Preliminary assessment published by the European Banking Authority of the impact of COVID-19 on the EU banking sector.
Assessment published by the European Insurance and Occupational Pensions Authority showing the increased risk exposures of the European Union insurance sector due to the outbreak of COVID-19. The dashboard is based on Solvency II data and summarises the sector’s main risks and vulnerabilities through a set of risk indicators of the fourth quarter of 2019 complemented with market data and other information.
Article published by Deloitte on how the coronavirus outbreak may impact insurers operationally and economically. Looks at some of the key issues facing insurers and potential action steps they could take.
Food and drink
Regularly updated timeline from news and information provider just-drinks on the effect the COVID-19 pandemic is having on the global drinks industry.
Health and beauty
Article from McKinsey & Company examining the likely effects of COVID-19 on the beauty industry over the next three to six months. How the crisis could fundamentally change the industry in the long term is also explored together with how retailers, strategic players and investors can adapt.
Article from Eversheds Sutherland published in legal newsletter International Law Office (ILO). Discusses the effects of COVID-19 on preparations for the upcoming EU Medical Device Regulation. Also includes information on CE marking, European standards and export requirements in relation to the increase demand for personal protective equipment.
Policy paper from Department for Business, Energy & Industrial Strategy. Outlines how the UK government will work with the hospitality sector to return it to its pre-pandemic health and also build the sector’s longer term resilience.
Regular survey by Deloitte of senior figures in international hospitality to help identify the business impact of COVID-19 on the sector.
The hospitality industry has been one of sectors hit hardest by the coronavirus pandemic. This briefing paper from the House of Commons Library provides information on the hospitality industry in the UK, the impact of the pandemic and sources of support for the sector.
Report from the American Hotel and Lodging Association (AHLA) outlining the current state of the US hotel industry. Covers employment, consumer travel sentiment, occupancy and industry trends.
Study on COVID-19 and the hospitality industry providing information on reservation and cancellation trends by region. Discusses revenue management and how hotel businesses can protect themselves during COVID-19 demand disruption. Produced by technology companies IDeaS and RateGain and the Hospitality Sales and Marketing Association International. (PDF, 9.4 MB, 30 pages)
Regularly updated hub from UKHospitality covering guidance and announcements for catering, hotel and other hospitality businesses in the UK. It includes information on financial support, employer advice, public health advice, contracts advice, advice on laundries, and considerations for premises licence holders.
Analysis, commentary and webinars from STR, the data benchmarking and analytics firm, monitoring performance data in regions around the world for the hospitality sector.
Fortnightly publication from industry association Make UK providing insight into the impact of COVID-19 on the UK’s manufacturing sector.
Report from the World Economic Forum containing insights from its Global Network of Advanced Manufacturing Hubs. Discusses COVID-19’s impact on manufacturing in regions of the US, Italy, Turkey, Spain, Denmark and South Korea together with industry and government response efforts. Outlines best practices to help manufacturing across the globe address the challenges resulting from COVID-19.
Media and entertainment
Report from consultancy Maverick Publishing Specialists on the impact of COVID-19 on UK publishers. Includes insight into how organisations have adapted to changes; short-term operational challenges; impact on products, budgets, and forecasts; emerging trends and issues; recommendations and opportunities. Registration is required to download the report.
Report by Oxford Economics commissioned by the Creative Industries Federation exploring the short-term effects of COVID-19 on the financial sustainability of the UK creative industries. Contains projections for turnover, GVA and job losses in 2020 with regional analysis. Segment specific projections are included for film, TV, video, radio and photography; music, performing and visual arts; crafts; design and designer fashion; advertising and market research; publishing; museums, galleries and libraries; architecture.
Article from Willis Towers Watson on the impact coronavirus on the film and TV production industry and how the crisis will change production business in 2020 and possibly beyond. Opportunities for the broadcast and media industry in terms of creative innovation are also discussed.
Analysis from PwC of the likely impact of COVID-19 on the UK entertainment and media industry including key trends across different subsectors.
Article from the International Trade Association for the Broadcast and Media Industry (IABM) on the effects of coronavirus on the sector. Covers industry events, advertising revenues, media technology investment, demand for entertainment, virtual media trends and innovation.
Hub from pension consultants Lane Clark & Peacock LLP providing up to date thinking on how COVID-19 is impacting the market across three areas; Pensions, Investment and Insurance . It is designed to give expert reaction on the latest developments and what they might mean in the short and longer term as well as giving practical advice about dealing with challenging times.
Property and construction
Industry survey from law firm CMS on the impact of COVID-19 on UK real estate and priorities for the sector as it moves beyond the pandemic. Explores the lasting impact coronavirus could have on the office asset class and the role of sustainability and social purpose as the sector responds to the pandemic.
Regularly updated news from International Construction magazine on how COVID-19 is impacting the construction industry worldwide.
Report from Deloitte on how the real estate industry has been affected by Covid-19. The short and longer-term implications are considered for real estate sectors including office, retail, hospitality and industrial and logistics.
Analysis from law firm Pinsent Masons on the challenges UK retail businesses are facing as a result of coronavirus and how retailers can navigate legal and reputational risks during the current period.
Daily analysis of footfall and visitor trends in retail and leisure venues in the UK and other countries from Springboard, data specialists for the retail sector, showing the impact of the coronavirus outbreak. Charts illustrate a sharp decline in UK footfall since mid-March 2020.
Regularly updated hub from the Association of Convenience Stores (ACS) providing guidance for retailers. Resources include home delivery guidance, how to claim grants and compensation, guidance on employment law and colleague support, downloadable posters for display in store, and a template letter for critical workers to download in PDF format.
Report from the World Economic Forum exploring the impact of the global pandemic on FinTech markets, the response of the FinTech industry to the challenges of COVID-19 and key FinTech regulatory and policy issues.
Report from UKie on the challenges raised by COVID-19 on the UK games industry and its impact in areas including productivity, workforce, revenues, investment, services to games companies and esports.
Summary of a study by European Boating Industry, Bundesverband Wassersportwirtschaft e.V., and boot Düsseldorf. Provides insight into how the recreational boating industry in Europe fared in 2020 as a result of the Covid-19 pandemic. An outlook for 2021 is also included.
Analysis from the ONS of how industries related to travel and tourism in the UK have been affected by the coronavirus pandemic, using data on business performance and the labour market.
Publication from the World Tourism Organisation on the impact of Covid-19 in 2020 and the future outlook for international tourism.
Updated forecast from VisitBritain reflecting the impact of COVID-19 on the volume and value of inbound tourism to the UK for 2020. Also includes estimates of the impact on domestic tourism.
Publication from the World Tourism Organisation on the impact of COVID-19 on international tourism. Includes data on travel restrictions and international tourist arrivals. Also covers future scenarios and challenges and opportunities for the tourism sector.
Transportation and logistics
Research paper from the House of Commons Library providing an overview of the Williams-Shapps Plan for Rail, the Government's White Paper on rail reform, and some of the key challenges ahead for the railway in Great Britain. Includes a section on the impact of Coronavirus with an explanation of the arrangements the Government has put in place to ensure services continued to run during the pandemic.
The results of a survey from the Rail Supply Group assessing the impact of COVID-19 on organisations in the UK’s rail supply sector and the industry’s recovery in the short and long term (PDF, 4.7 MB, 29 pages).
Regularly updated information on port restrictions and other measures impacting commercial shipping operations compiled by North, the marine insurance firm. Summaries are organised by country.
Briefing from the transport and logistics insurer TT Club outlining how freight forwarders, logistics service providers and other intermediaries can protect themselves legally and minimise their liabilities during disruption to freight transport and supply chains caused by the COVID-19 outbreak.
IVSC hub for the valuation profession. Includes a statement from the iVSC's Technical Standard Boards Dealing with valuation uncertainty at times of market unrest
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