How significant economic effects will the COVID-19 virus will have on the UK economy.

How significant economic effects will the COVID-19 virus will have on the UK economy. 

The Coronavirus, which has been labelled the next pandemic has affected half a million people at this very moment with a total of 32, 137 deaths which increases every hour. The sudden outbreak of the virus has caused the whole of the UK to shut down in a economic sense which will have a huge impact both in the long and short term.

It will hard to predict how significant the impact due to the fact that we are still in the middle of the pandemic and the lock down with the chances high of new restrictions still being put into place. However based on the effects already visible it wouldn't be unrealistic to state that the UK will have to face serious economic impacts. First of all stock markets have seen a missive decline since march, around the time the UK government has started making more restricted measures on households. 

Government spending is set to increase massively in the long term due to the damage to private business owners and individuals with low come. Spending by the government has increased already during the short period the lock down has been in place for. Majority of the spending has gone to healthcare and the NHS. Moreover this spending will have to be further increased during the time of the rest of the lock down in order for it to be lifted and for the economy to be able to run again.