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Impact of coronavirus on industries(3 Posts)
I am curious, as one is at 1 in the morning, about the impact of coronavirus on different industries.
The BBC has a news article about the potential of job losses throughout the aviation industry at BA, AirBus etc. and even talk of BA not restarting at Gatwick, which would also have a massive impact on the local economy- people who live nearby just to work at the airport, 00's of hotels and small B&Bs.
While the environmental impact of air travel is not great, that's 000's of jobs and livelihoods. I'm not sure how big the deficit is as presumably costs have decreased and staff are furloughed...but the aviation industry will be one of the last things to pick up after coronavirus.
Will the government allow some industries to still access the furlough scheme...or is it going to be stopped for everyone at the same time. It was always 'for all' (apart from if you were one of the unlucky ones who fell through the holes) so I guess it would have to be a new scheme.
Aviation isn't an industry I know much about apart from living near a major airport (its gone pretty quiet and the light pollution!)
I work in the charity sector. Most charities have reserves of 3-6 months expenditures for emergencies, but there has been a drop of anywhere between 15-60% I would say, depending on how the charities raises its funds (charity shops, staff fundraising, events being hit a lot). The drop in value of investments means that some charities have lost some of their cash reserves (if they were tied up in stocks and shares) and in the long term will mean that they won't bounce back until the economy recovers.
From my recollection of the last crash this meant non essential services being cut. I can see disabled people, those with mental health problems finding it harder to access support, as well as an increase in poverty.
Depending how quickly we defeat coronavirus, maybe an increase in health inequality, more isolation of elderly, vulnerable. Basically an ongoing acute need. At the moment funding is being diverted away from some charities towards foodbanks and so on.
I was working in the charity sector at the time of the last recession. A lot of charities haven’t ever gotten back to where they were then.
With the uncertainty of Brexit as well (when did we last talk about Brexit) it's all a bit grim.
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