COPING WITH COVID-19: CORONA SHOCK

Britain’s recession is deep and wide, but new data reveals some towns and cities are hit harder than others.

The coronavirus has triggered a public health crisis. But the effect on the economy is critically important, too. Our future health, wealth and happiness will be linked to our prosperity.

This new report from Tortoise analysis of bank spending data in England and Wales suggests that sales to consumers may have fallen by as much as one third between the start of March and the end. This analysis, the first in a series, is built from high street bank data on consumers.

The contents are fascinating in relation to big cities, large and small towns. “This spending data is fuzzy. We are looking at shadows on the wall. But we will combine it with other measures to fill out a better picture of the shock as it unfolds. But what is already evident is the sheer scale of the cliff-edge – and the extreme problems facing anywhere that depends on visitors.”

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