Professor Dylan Jones-Evans talks to Mark Powney, Managing Director of Business News Wales about the impact the coronavirus will have on the economy, and how it's not all bad news.
Interview Highlights:
- The economy will fall by 15%-20% over the next two quarters and it will be a difficult time for many.
- If the government does what it says it's going to do and businesses are protected from the worse of it, there is no reason why we won't have a rapid bounce back in 2021.
- The UK Government may take on the liability for insurance claims within the hospitality sector.
- Brexit resulted in businesses building up their balance sheets and it is estimated that there is about £750 billion of cash in the corporate sector in the UK which will provide the economy with a strong buffer.
- The working population wasn’t enabled to work from home in previous recessions, the flexibility wasn’t there and this is something that will change in the future.
- The crisis will offer an opportunity for some businesses to take a step back and reflect on the future.
