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Impact of Covid-19 on UK Economy

University: Regent College London

  • Unit No: 10
  • Level: High school
  • Pages: 9 / Words 2194
  • Paper Type: Dissertation
  • Course Code: ASS103-1
  • Downloads: 126

INTRODUCTION

COVID-19 is the global pandemic which has created impact over the whole world. The pandemic made Government of the United Kingdom to put restrictions over the movement of people and continuing the business operations (Keogh-Brown and et. al., 2020). The outbreak of COVID-19 has made companies to lay off employees due to not able to generate revenue or profit. The present report covers information about the impact of COVID-19 over labour market, private sector and the purchase power of buyers.

The main reason of conducting the current investigation is to carry in-depth information about the impact of global pandemic COVID-19 (Hu, 2020). This investigation topic has my great interest because it covers data about the current happening of the world and how it has affected the lives of the people as well as operations of the business.

The main research gap identified in the current investigation is that present report covers qualitative piece of information and this shows that it does not include statistical or numerical information (Jeris and Nath, 2020). This investigation is also quite important for the researchers as well as students who want to collect information about the impact of COVID-19 in economy of the United Kingdom. Therefore, this report covers in-depth information about the effects of COVID-19 over labour market and private sector.

RESEARCH QUESTIONS

  • How COVID impacted the labour market?
  • How COVID impacted the private sector growth and the purchase power of buyers ?

RESEARCH AIMS AND OBJECTIVES

Research Aim

To critically analyse the impact of Corona Virus on the UK Economy

Research Objectives

  • To critically evaluate how COVID impacted the labour market. 
  • To critically evaluate how COVID impacted the private sector growth.
  • To critically evaluate how COVID impacted the purchase power of buyers.

LITERATURE REVIEW

Literature review is the chapter that assists in the collection of second-hand data and the addressal of research questions. This report also includes the opinions and views of authors so that relevant data can be assembled.

How COVID impacted the labour market?

According to The Monday Briefing (2019), it is identified that in early 2019 UK had seen unemployment fall to the lowest level since 1974. It was against a backdrop of sluggish Gross Domestic Product growth and this is considered as greatest achievement. It had also recorded that self-employment had grown in over the years in the United Kingdom before global pandemic COVID-19. UK had experienced balanced demand and supply of labours for maintaining low unemployment.

According to Alradhawi and et. al., (2020), around 7.6 million, or 24% of the United Kingdom workforce, are at risk due to global pandemic COVID-19 related with lock down restrictions. Places and people with the lowest incomes are the most vulnerable. UK Government has tried to save lives of people by slowing down the spread of the COVID-19. This has taken dramatic measures with broader implications for economic activity (Brewer and Gardiner, 2020). UK had declared lock down on March 23, 2020 for controlling the impact of global pandemic COVID-19. Such a rapid fall in results has important implications for employment. Around 7.6 million jobs were at risk because companies have laid off, temporary furloughs and reductions in pay and hours. Almost 50% of every job at risk in all those occupations earning less than £10 per hour. It is estimated in the weeks of April 6 to 19, 2020 around 22% of the working age population had furloughed.

How COVID impacted the private sector growth?

According to Keogh-Brown and et. al., (2020), private sector is the area that helps an economy to grow and develop. It is identified that private sector of the United Kingdom like retail industry were focusing towards expanding their business in different countries. In simpler words, private sector growth was steady because many investors were investing their funds to different businesses to gain high return. Private companies were also in beneficial stage because they also had multiple sources of funds to borrow.

According to Hu (2020), COVID-19 has created over a large impact over businesses of the United Kingdom. For private organisations, arranging and acquiring capital is quite challenging even in during ordinary times. The unprecedented outbreak of COVID-19 had created disaster for the companies. COVID-19 has created slowdown in taking new loans from different lenders because investors had created mind-set during COVID-19 that they have to face losses because companies are not able to continue their business operations. The outbreak of COVID-19 had created a level of uncertainty for private companies operating in the United Kingdom. The pandemic has increased the debt level of private companies and it quite difficult to clear in next multiple years (Jallow, Renukappa and Suresh, 2020). This outbreak has created debt raising environment because market which is available with capital have more crowd and increase in defaults. All credit relationships require to be considered whether they are traditional players such as alternative lenders and banks such as private equity or private debt providers.

How COVID impacted the purchase power of buyers?

According to Jeris and Nath (2020), buyers are the people who purchase products and services as per their disposable income as well as their present earnings. Before outbreak of global pandemic COVID-19, buyers had high disposable income because they used to spend more luxury items as well as they were aware that they have permanent source of income. In simpler words, purchasers had source of income and had mindset of buying luxury products and also products other than essential products.

According to Brewer and Gardiner (2020), the outbreak of COVID-19 has changed altered and dramatically altered the intentions, purchasing patterns and intentions of customers. This is the global crisis that has gained notable attention due to globalisation-the interconnection of countries and markets and its unprecedented hold by digital and traditional media. It has been analysed that consumers continued to spend and there are some cases in which customers spend more in comparison of pre-pandemic levels on some essential products like household supplies and groceries (Chronopoulos, Lukas and Wilson, 2020). It had also analysed that customers have started spending their funds on home entertainment due to restrictions on the movement of people. People have also started spending more on massive gaming culture at their home only.

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RESEARCH METHODOLOGY

Research methodology is the section that gives certain methods for accumulating, evaluating and analysing data in a systematic way. It also assists in the collection of information in such a way that every objective could be easily achieved and research questions could be addressed. Therefore, in this methods are included which will be used by investigator to collect and analyse data.

Research Philosophy: The philosophy is of two important kinds that are: positivism and interpretivism philosophy (Mohajan, 2018). Researcher will select interpretivism philosophy so that non-numerical information could be evaluated and analysed.

Research Approach: The approach is categorised into two important kinds that are: inductive and deductive approach. Researcher will select inductive approach so that theoretical data can be evaluated and analysed. The main reason of choosing inductive approach is that it focuses on theoretical data.

Research Choice: The choice is classified into two important types which are: quantitative and qualitative research choice (Ngozwana, 2018). Investigator will choose qualitative research choice because it assists in the collection of theoretical and text information rather than numerical data (Holmlund, Witell and Gustafsson, 2020). The main reason of choosing qualitative choice is that it assists in collecting timely theoretical data. With the assistance of qualitative choice researcher assembles theoretical data which is generally opinions and views of the authors.

Data Collection: It is divided into two important kinds that are: primary and secondary data collection. Researcher will choose secondary data collection method as it helps in accumulating second-hand data directly from the available sources. The secondary sources that will be used by investigator are: books, articles, journals, newspapers etc. The major reason of using secondary sources is that it helps in saving time because information is already available on different platforms in relation to the topic (Patel, 2020).

Research Technique: The technique that will be considered by investigator is systematic literature review and case studies (Basias and Pollalis, 2018). These techniques will assist in collecting qualitative and second-hand information in a systematic way.

Data analysis Technique: Thematic analysis will be used by investigator to analyse information because it assists in evaluating relevancy of assembled theoretical piece of information (Cypress, 2019).

Therefore, secondary data collection method will be used by investigator so that qualitative information could be evaluated and analysed in a systematic and timely manner (Heslop, Burns and Lobo, 2018). There are certain difficulties that can be faced by researcher which are: issue in managing time, lack of funds, finding appropriate source for collecting data etc.

Advantages and disadvantage of qualitative research choice method

Advantages

The major advantage of the qualitative research method is that it assists in saving funds of the researcher because it is gathered from the available sources such as books, journals, articles, newspapers etc. The other significant advantage is that it assists in collecting detailed piece of information in the shorter time period (Daniel, 2018). Another significant benefit of qualitative method is that it assists in presenting old content with the help of experienced marketer. New and genuine ideas are generated so that valuable content could be carried out in a systematic way.

Disadvantages

The main disadvantage of the qualitative research choice method is that the gathered information can not be statistically presented. This clearly shows that the gathered information cannot be measured (Gear, Eppel and Koziol-Mclain, 2018). The other disadvantage of the qualitative method is that the information assembled through secondary sources might be expired. This ultimately reduces the validity and relevancy of the assembled piece of information.

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ETHICAL CONSIDERATION

Ethics are the significant element within an investigation because it assists in doing the research in an ethical manner.

There are certain ethical issues which can be faced by researcher which are: identifying new and existing information so that research objectives could be achieved, maintaining confidentiality of the gathered data, properly communicating outcomes and results of the whole investigation (Urcia, 2021). The questions of the investigation will also be addressed without including own thought procedures and biases. The motive of the research project will also be communicated in such a manner that people associated with the project could contribute by providing relevant and accurate information could be collected and analysed.

PROPOSED TIMESCALE

Gantt chart is a kind of chart that illustrates schedule of the project. Henry Gantt is known as the inventor of Gantt chart. Gantt chart is used by investigator for scheduling the activities and tasks of the whole investigation. In simpler words, Gantt will divide every activity with appropriate time interval so that researcher could have proper track of the activities which are done and which need to be done (Thambinathan and Kinsella, 2021). The current investigation will be completed in the time period of 6 weeks so every activity and task is also divided into this given time duration. Therefore, it helps in doing the investigation in a systematic way.

Gantt chart

Henry Gantt Chart

Related Sample: Research Project - Case Study of HSBC

REFERENCES

  • Alradhawi and et. al., 2020. Effects of the COVID-19 pandemic on mental well-being amongst individuals in society-A letter to the editor on “The socio-economic implications of the coronavirus and COVID-19 pandemic: A review”. International journal of surgery (London, England), 78, p.147.
  • Basias, N. and Pollalis, Y., 2018. Quantitative and qualitative research in business & technology: Justifying a suitable research methodology. Review of Integrative Business and Economics Research, 7, pp.91-105.
  • Brewer, M. and Gardiner, L., 2020. The initial impact of COVID-19 and policy responses on household incomes. Oxford Review of Economic Policy, 36(Supplement_1), pp.S187-S199.
  • Brewer, M. and Gardiner, L., 2020. The initial impact of COVID-19 and policy responses on household incomes. Oxford Review of Economic Policy, 36(Supplement_1), pp.S187-S199.
  • Chronopoulos, D.K., Lukas, M. and Wilson, J.O., 2020. Consumer spending responses to the COVID-19 pandemic: an assessment of Great Britain. Available at SSRN 3586723.

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