COVID-19: Measuring the effects of Covid-19 on businesses and the UK economy

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This proposal, coordinated by the University of Nottingham under the umbrella of the Economic Statistics Centre of Excellence (ESCoE), offers immediate data collection and research analysis about the impact of Covid-19 on businesses of different sizes, sectors and regions in collaboration with the Bank of England and Office for National Statistics. This real-time information is critical to decision making about the duration and management of the lockdown arrangements in the UK and business performance during the recovery from the Covid-19 episode. Covid-19 is expected to create the largest contraction in UK economic activity in 300 years (real GDP down by 35%, unemployment up by 2 million in 2020Q2, Office for Budget Responsibility). The impacts on supply chains and demand are already affecting economies across the globe more deeply than ever experienced in living memory. HM Treasury and the Bank of England have launched large-scale programmes to support businesses as a bridge in the short-term to reduce unemployment and bankruptcy. Many more tough decisions will be required.We will provide immediate business data for policy decisions and new research so that a balance can be struck between dealing with the medical and the economic costs of Covid-19. We will provide assessments of the costs in terms livelihoods - output, investment and jobs - so that policymakers have the data to form judgements about when to allow the economy to return to normality. Our inputs will be vital for government to understand the implications of these decisions on the UK economy over the next 18 months.