Boris has said he would like to get life back to normal in July, but what then?
All bets are off as to what the future will look like but given all the worldwide economic data coming into the public domain now, we are going to be in for a rocky ride!
Unemployment has already started to surge due to lockdown and will continue to rise as the furlough scheme stops and the economy shrinks. The Economist magazine are referring to this as the 90% economy ,meaning a 10% reduction in size compared to pre-lockdown.
Companies have seen how homeworking can be productive so that will mean a change in working practises for many. But how will people cope with this change? it certainly won’t suit everybody or be appropriate for all types of business.
People are going to have less confidence in going out into mass gatherings so that means the leisure and tourism sector is going to take a long time to recover.
Other countries in the world are seeing a surge in people looking at cars due to the concern of poor social distancing on public transport. If this happens in the UK what will the roads be like, traffic was an issue before Covd!
But, as I said on a previous blog, it’s not all doom and gloom. With this global economic reset will come opportunities for those businesses looking at how they can adapt their business model. Indeed there are many businesses that have benefited from the lockdown.
However I believe that every business now needs to consider their future and try to anticipate how these changes will affect them and begin to adapt their business to meet the post challenges ahead because those that don’t will find survival very hard.