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November 27, 2020

Second Covid lockdown less painful than the first for UK GDP

By Paul Dennis

27 November

Samuel Tombs, an economist, shared the latest indicators for the UK economy and society based on several surveys, data, and experiments.

The Office for National Statistics (ONS) Business Impact of Covid-19 Survey (BICS) revealed a 3 to 4% hit to the gross domestic product (GDP) from the lockdown 2.0, a painful hit but better than the first lockdown.

Initial results from Wave 18 of the BICS that took place between 2 November and 15 November, found that approximately 75% of the businesses had been trading for over two weeks.

It also found that about 13% of the businesses had stopped trade and did not intend to start in the next two weeks.

With respect to the social impacts of the coronavirus, work from home remained stable at 30% in Great Britain.

Meanwhile, travel to work increased to 56%. In addition, adults continued to shop for essentials, food, and medicines, while 97% of the adults adhered to the mandate of face coverings, according to BICS.

In other news, UK economists believe that the lockdowns have caused less economic damage than the pandemic would have otherwise caused.

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