Market Research Report
Retail Banking in the UK - Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||943154|
|Published||Content info||18 Pages
Delivery time: 1-2 business days
|Retail Banking in the UK - Coronavirus (COVID-19) Sector Impact|
|Published: June 9, 2020||Content info: 18 Pages||
The coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the world losing 20-50% of their value year-to-date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the potential onset of recessionary environments.
A similar trend is expected in the UK as well, as economic growth in the UK is expected to register a dip in the first quarter of 2020 and will decelerate further if this disease is not controlled at the earliest. The decline will have an adverse impact on all sectors including banking and payments.
The UK is among the most affected countries with total confirmed cases of 288,834 and a death toll rising to 40,680.
This report focuses on the impact of the coronavirus outbreak on the economy and the retail banking industry in the UK. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat coronavirus.