Tier 3: Very High Alert Business Impact
How will this tier affect Londons Economic wellbeing on top of Brexit uncertainties?
London entering ‘Tier 3’ would impact heavily on London, Figures in October 2020, demonstrate Growth in the United Kingdom was on a downward slope.
So the effects of the Coronavirus COVID19 pandemic and Brexit commencing January 1st,2021 may be one bridge too far?
Tier 3 introduction would heavily impact on London.
News released December 14th,2020 suggest London may enter Tier 3 on Wednesday, December 16th,2020. The area surrounding London reports higher transmission rates when compared to the rest of the UK.
Kate Nicholls, of UK Hospitality, warns putting London in Tier 3 before Christmas may result in significant job losses. Approximately 800,000 individuals operate in hospitality around London.
The UK faces issues to be yet agreed, entering Europe on January 1st, 2021
Rumours suggest UK travellers face entry problems to member states of the European Unions. However come January 1st,2021, freedom to roam the EU ends. Passports revert to Member of GB, not EU. The Coronavirus COVID19 pandemic also restricts travel throughout the world.
As at the time of writing, ongoing negotiation between the prime minister and the EU president still fail to reach agreement causing insecurity for the UK economy.
UK Economic Growth stalled in October 2020
The economy of the UK grew by 0.4% in October.
Recovery though slowed down due to the impact of Pandemic.
The Pandemic now has run for seven months.
UK Insolvency Figures for October 2020.
The output for November 2020, as yet not reported. Is anticipated to have contracted, due to reintroducing England’s second shut-down.
Don’t let Coronavirus Covid19 Pandemic break your business!
For further reading, view ‘Why do directors delay taking insolvency advice‘?
It will if your companies cash flow dries up, so act fast.
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