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UK consumers are well placed to support the UK economy and jobs by spending more
The biggest threat now is economic meltdown. The way to prevent economic meltdown is by returning to the same spending levels as prepandemic. By doing this jobs will be saved and a V shaped economic recovery can be achieved.
UK economic recovery has begun
The UK economy depends on consumer spending. As much as 80 percent of the UKs wealth is created from consumer spending. If UK consumers do not spend then the economy could spiral downwards and leave a generation unemployed.
Coronavirus Epidemic In UK Cost Between 50000 and 65000 Lives So Far But Many More Will Be Lost Due To Economic Impact If UK Economy Does Not Recover Quickly
The tragedy of the pandemic is not just measured by the loss of so many lives. It will also be measured by the lost opportunities of tens of thousands of young people not able to start their careers after leaving school and university this summer. It will be measured by the lost jobs of those who were in sustainable jobs prior to the pandemic unable to return to work.
Yes the UK needs to retrain its workforce to create the 4th Industrial Revolution jobs of the future but in short term people in the UK need to start spending again to make old jobs viable over the short to medium term.
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