Home Business News UK lockdown has cost businesses £52.8bn in just 22 days

UK lockdown has cost businesses £52.8bn in just 22 days

by LLB Reporter
14th Apr 20 1:30 pm

When the UK coronavirus wide lockdown was implemented on 23 March, bars, restaurants, shops and many businesses closed and sacked or furloughed staff.

The lockdown is costing businesses £2.4bn each day, and in just 22 days since the government announcement, has to date has cost a staggering £52.8bn.

The Chancellor Rishi Sunak has promised tax-payers unprecedented help and wants the lockdown lifted as early as 4 May.

Sunak has warned lockdown measures could crash GDP by 30% this quarter, and there are divisions in the Cabinet to ease the lockdown for economic reasons.

However, Whitehall sources have said there is no chance of restrictions being lifted this week, as ministers are in favour of delaying this for weeks.

Sunak has warned that the UK PLC could shrink by up to 30% with millions of jobs on the line in the coming months.

Last week a think tank, the National Institute of Economic and Social Research (NIESR), said 25% of the economy could be lost by the summer, under the lockdown measures.

The Telegraph was told by Cabinet sources, on Sunday that the Prime Minister, Boris Johnson must sign off on any major lockdown.

Johnson “has to take that decision. Any lockdown will have huge implications, and the PM will be responsible for it, so he’s got to be the one taking that decision.”

A senior Tory MP added, “It should absolutely be Boris. He’s the captain of the ship. It has to be someone who has the confidence of the nation.”

The UK has entered the fourth week of lockdown and a review is to happen this week, but some members of the Cabinet want measures to eased.

Government ministers said they want to be sure the UK has past the coronavirus peak before lockdown measures can be eased.

However, there are members of the Cabinet that want measures to be eased over concerns of the impact to the UK economy.

An unnamed minister was quoted as saying, it is important not to do any “more damage” and measures could be relaxed within a month, according to The Times newspaper.

On Thursday scientific advisors will meet with the government for a formal review which is required in law, over social distancing.

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