The UK aerosol sector is “holding firm” during the pandemic, reports Tiziana Dorigo of the British Aerosol Manufacturers’ Association.
The impact of COVID-19 has been ravaging economies around the world for several months now. While we follow with apprehension the human cost of the pandemic, looming on the horizon is the equally worrying prospect of a financial crisis that could leave hundreds of thousands without work.
In UK, the Office for National Statistics revealed that the UK economy shrank by almost a fifth in the period from March to May, with a modest uplift of 1.8% in May unable to offset the dramatic fall of the previous two months. To put this into perspective, the financial crisis of 2008 failed to surpass a GDP reduction of 2.1% per quarter.
If we look at a slightly wider picture, we know that the UK manufacturing output for 2019 had already suffered a 1.2% drop compared to 2018, possibly due to the uncertainty around the terms and timing of Brexit. While COVID-19 has certainly taken centre stage since, the UK’s exit from the EU and the uncertainty of its outcome on trade continues to linger in the...