UK businesses and individuals may be about to face a tough time, so how can you protect yourself?

There’s no doubt about it, 2020 is going to be one that is remembered for all the wrong reasons. It’s difficult to even comment on the impact the Coronavirus is going to have on businesses as the situation is developing daily and just when we think we know what’s happening, things evolve, and we’re thrown another curve ball. The one thing that we know for sure though, is that the coming months will be tough for a lot of businesses and individuals.

The Prime Minister said that people should work from home where possible, and has closed many public places to reduce unnecessary social contact. This will undoubtedly have a huge impact on thousands of businesses and while the government have issued some pretty strong lifelines, there are still those who will suffer at this time –  Boris Johnson has himself acknowledged that the economy is facing “a severe blow.”

According to the Organisation for Economic Cooperation and Development (OCED) the world’s economy could grow at its slowest rate since 2009 this year as a direct result of the outbreak, while factories suspend their workers and workers stay at home to try to combat the virus. The travel industry is amongst the worst hit, with airlines cutting flights and tourists and businesspeople cancelling non-essential trips. Fear of infection and advice to avoid, at first, mass gatherings, and now, any non-essential social contact, means people are avoiding activities that may expose them to Covid-19. With people worried about their finances, spending in general is down, with demand for luxury, or non-essential products falling dramatically.

So what can you do? The short answer is that for many of us, the solution won’t come easy, but what we do know is that now, more than ever, we need to have a plan. If you have a lifestyle financial plan already, then now is the time to refer to it, look at the end goal and not start to panic about the immediate future. If you don’t have one, there has literally never been a better time to start.

It can be easy to fall into the trap of believing that the world is ending – good news doesn’t sell newspapers after all, but it’s not. Changing? Yes. But ending? No.

If you are worried about your savings and investments, or, in fact, any aspect of your finances during this time, please don’t hesitate to get in contact with us for advice, or just for a friendly ear to listen to your concerns. Collectively, we will bounce back and whatever the media says, the future is still bright.

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