Intelligence Insight – Impact of Covid-19 on the Buckinghamshire Economy
Whilst there was an economic recovery of sorts over the summer months, some sections of the Buckinghamshire economy remain dormant (e.g. live events – including theatres) or operating at a severely reduced level (e.g. hospitality, visitor attractions, travel, aviation,). Going into winter, with the virus resurgent, some businesses could be forced to close for a second time.
Overall, the latest data suggests that the Buckinghamshire economy has been slightly less severely impact than the national economy as a whole by the pandemic. However, in mid-October, approximately 10% of Bucks firms (2,900) are still in a ‘paused’ state and 39% (11,600) are operating with lower profits compared to normal for this time of year. Around 1,300 businesses in Buckinghamshire are estimated to be at severe risk of insolvency. On the jobs front, 10,000 more Buckinghamshire residents claimed unemployment-related benefits in September 2020 than in March 2020, and at the end of August, around 10% of residents who are employees remained on furlough.
Buckinghamshire LEP is maintaining an up-to-date evidence pack to collate all the available data on local impact, this can be accessed here. The evidence is being used to inform immediate economic recovery activity and long-term strategic planning. In addition, the LEP are producing two monthly labour market reports (claimant count and job postings). These can be accessed here.