economy
Coming out of the pandemic: how will businesses fare?
It’s safe to say that businesses have been hit hard by the pandemic. All but essential companies were forced to temporarily close due to three national lockdowns and, in many cases, revenue streams and profits were impacted severely. Now, however, as businesses begin once again to open their doors, there’s hope that the hugely successful vaccination roll-out means that, finally, the hardship of the last yearand-a-bit can be consigned to the history books. Let’s Talk Business gets the views of three high-profile individuals on the challenges facing local businesses as they attempt to engineer a sustained economic recovery… Cllr Steve Curran, leader of Hounslow Council
“In 2019 Hounslow was among London’s fastest-growing
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let’s talkbusiness
economies with growth in transport, distribution and accommodation, and information, media and communication. “COVID-19 slammed the brakes on, with aviation, retail, hospitality and leisure hardest hit. Over 25,000 residents furloughed; more than 4,000 jobs lost (with young people twice as likely to suffer job losses as the over-
50s). An estimated 11.3% drop in GVA (London’s seventh highest). Previously unimaginable job losses at Heathrow and associated businesses – concentrated in lower-skilled roles - hit women, those on low-incomes, the unemployed and those from BAME communities hardest. “Following the pandemic, the future is daunting for many of
our businesses, but the council is committed to providing support. “Oxford Economics published a 2020 analysis of COVID-19’s impacts on west London’s economy. Now, with greater understanding, they say London’s GVA contracted by 9.4% last year with some of our biggest sectors – travel, hospitality, and leisure – severely affected.
