posted on 09 April 2020, updated on 09 April 2020
The House of Commons library has published a briefing paper which outlines the measures introduced by the government and other authorities to provide support for household finances during the COVID-19 pandemic.
The paper highlights the profound effects that the coronavirus outbreak has already had on the UK economy, and will continue to have. It also outlines the unprecedented impacts the current lockdown will have on household finances.
It also explains that in a worst-case scenario, up to one-fifth of UK employees may be absent from work during the coronavirus outbreak. Whilst it is difficult to predict the nature and scale of the impact on household finances at this relatively early stage in the crisis, existing data suggests that inactivity and unemployment will rise quickly, with low-paid workers most at risk. There is also early evidence of financial difficulties translating into a rapid upsurge in benefit claims and an increased reliance on the social security system.
You can read the full report here.