TFIGlobal
TFIGlobal
TFIPOST English
TFIPOST हिन्दी
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
No Result
View All Result
TFIGlobal
TFIGlobal
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

Race to the bottom: The UK economy is pushed back by 3 years due to Coronavirus

Tough times for Boris Johnson

Amit Agrahari by Amit Agrahari
April 28, 2020
in Europe
Uk Coronavirus economy
Share on FacebookShare on X

Coronavirus induced lockdown has completely destroyed the economy of many Western European nations. Some of the largest economies of Europe, like France, Italy, United Kingdom, and Spain are hit hardest from the lockdown. United Kingdom, the second largest economy of the continent after Germany, is transported three years back economically, as per a report by consulting agency EY.

Also Read

Trump Demands Criminal Charges Against George Soros and Son Alex Under RICO Law

Russia’s Putin and North Korea’s Kim to Attend China Military Parade: Display of Power?

EU Leaders Macron, Merz and Tusk Paraded Moldova to Ensure the Victory of Pro-Western President Ahead of Crucial Elections. What Will be Moscow’s Move?

As per the report, with the massive damage done by Coronavirus to economic growth and jobs, the country is set to witness a short run but seep recession and the economy would dive so much deep into negative territory that it would reach again to 2019 level after three years in 2023.

In the calendar year 2019, the GDP of UK in terms market rates was 2.744 trillion dollars and 3.162 trillion in PPP terms. In the initial days of the spread, the political establishment of the country refused to impose lockdown, and schools, colleges, restaurants kept running. But after the country started reporting hundreds of deaths everyday and the Prime Minister himself getting infected, the government imposed one month lockdown.

After that majority of the sectors came to a halt and half of the consumer spending, which is engine of British economic growth, is set to be delayed or lost completely. The billions of dollars of economic package announced by Finance Minister would help the businesses and mitigate long-term impact on the economy, but in short run, UK is doomed. “[The support] is absolutely crucial to limiting the potential longer-term damage to the economy,” said Howard Archer, chief economic adviser to the EY Item Club.

The UK economy is set to witness negative growth of 6.8 percent in 2020, and for the second quarter, the output would shrink by 35 percent if the lockdown continues, said a report by office for budget responsibility.

The government is pumping huge money and therefore fiscal deficit would be highest ever after World War II. “The Office for Budget Responsibility said on Tuesday that in this scenario, government borrowing would rise by £218bn to £273bn in 2020-21, taking the deficit to 14 per cent of gross domestic product — the highest since the Second World War and well above the financial crisis peak of 10 per cent,” wrote Financial Times, most respected financial newspaper in UK.

Moreover, UK based newspaper- The Guardian reported that Britain is already facing a hunger crisis due to lockdown as 1.5 million (15 lakh) Britons go without food all day. There are 3 million people in the UK who are forced to skip some meal, as they cannot afford it. “This needs urgent and substantial investment from central government which needs to put money directly into the pockets of families who can’t afford food,” said Anna Taylor, director of YouGov poll, which carried out a poll on the number of people sleeping without food.

Sabine Goodwin, the coordinator of the Independent Food Aid Network, said the situation is spiraling out of control and the government is too slow to respond. “Food banks in our network are seeing as much as a 300% increase in footfall compared to this time last year but are still struggling to source enough appropriate food,” she said.

The UK government is aware that the situation is very poor in the country and therefore, they are not hiding anything from public. UK chancellor Rishi Sunak said it is important to be honest that the virus and lockdown is going to have serious impact of economy and the country must defeat the virus first as there is no choice between health and economy.

A few years ago, the UK was the world’s fifth largest economy, ahead of India. But now it has slipped to sixth spot and with Coronavirus induced recession, it would be miles behind India by next year. The stupidity of Boris Johnson has cost the UK heavily, who chose livelihood over lives and ultimately has to bear the consequences.

Share72TweetSend
Amit Agrahari

Amit Agrahari

Engineering grad but Humanities and social sciences are my forte. Avid reader of religious Scriptures (Especially Hindu), Lord Shiva devotee

Also Read

EU Leaders Macron, Merz and Tusk Paraded Moldova to Ensure the Victory of Pro-Western President Ahead of Crucial Elections. What Will be Moscow’s Move?

EU Leaders Macron, Merz and Tusk Paraded Moldova to Ensure the Victory of Pro-Western President Ahead of Crucial Elections. What Will be Moscow’s Move?

August 28, 2025
A silver coin featuring Putin’s portrait

A silver coin featuring Putin’s portrait, German magazine lists it at $87, Mystery behind symbol of Resilience and Controversy explained 

August 28, 2025
Poland’s Government Says Warsaw Will Not Support Ukraine's Integration into the EU Unless the Issues Surrounding the Volhynia Tragedy Are Resolved

Poland’s Government Says Warsaw Will Not Support Ukraine’s Integration into the EU Unless the Issues Surrounding the Volhynia Tragedy Are Resolved

August 27, 2025
Russia’s Giant “Spy Ear” on NATO’s Doorstep

Putin’s Spy Base Near NATO? Satellite Images revealed Russia building giant 1,600-Meter Antenna in Kaliningrad near Poland and Lithuania. 

August 27, 2025
‘Blackmail and Explosions Won’t Help’ Hungary’s PM Viktor Orbán Warns Zelenskyy Over Striking Druzhba Pipeline

‘Blackmail and Explosions Won’t Help’ Hungary’s PM Viktor Orbán Warns Zelenskyy Over Striking Druzhba Pipeline

August 26, 2025
Zelenskyy Giggles at the Mention of ‘Druzhba’, Hungarian Foreign Minister Retaliates ‘Stop Attacking Hungary’s Energy Security, this is Not Our War’

Zelenskyy Giggles at the Mention of ‘Druzhba’, Hungarian Foreign Minister Retaliates ‘Stop Attacking Hungary’s Energy Security, this is Not Our War’

August 25, 2025
Youtube Twitter Facebook
TFIGlobalTFIGlobal
Right Arm. Round the World. FAST.
  • About Us
  • Contact Us
  • TFIPOST – English
  • TFIPOST हिन्दी
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy

©2025 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIPOST English
TFIPOST हिन्दी

©2025 - TFI MEDIA PRIVATE LIMITED

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.