U.K. Hit By Worst Economic Contraction On Record Amid Covid-19 Pandemic

Britain’s economy shrank by a record-breaking 9.9% in 2020, new figures by the Office of National Statistics show, highlighting the impact of Covid-19 restrictions, employment uncertainty and reduced demand, with limited growth in the final quarter narrowly avoiding a double-dip recession.  

The Office for National Statistics said Friday that the U.K.’s economic output fell by 9.9% in 2020, the largest annual fall on record.

Though the economy grew 1% in the last quarter when looser restrictions boosted the services industry, overall output was down 7.8% from the last quarter of 2019, the ONS said. 

The slump is twice that of the 2009 financial crisis and is possibly the worst in 300 years, with models from the Bank of England suggesting a decline of 13% during the Great Frost of 1709.

PROMOTED Jumio BrandVoice | Paid Program Online Gaming: New Year, New Age Restrictions For European Operators Business Reporter BrandVoice | Paid Program Global IoT Insights From Azure IoT (Video) Google Cloud BrandVoice | Paid Program 6 Trends That Will Shape The Financial Services Industry In 2021

U.K. finance minister Rishi Sunak said the figures show that the U.K. has suffered a “serious shock” as a result of the Covid-19 pandemic.

“While there are some positive signs of the economy’s resilience over the winter, we know that the current lockdown continues to have a significant impact on many people and businesses,” Sunak said, adding that his focus “remains fixed on doing everything we can to protect jobs, businesses and livelihoods.”

Key Background

The pandemic and associated public health restrictions made for an economically bumpy 2020, especially in economies like the U.K. which are heavily reliant on services. In the U.K., the first and second quarters of 2020 shrunk the economy by 2.9% and 19% respectively, but there was record growth of 16.1% in the third as restrictions were lifted. 

Tangent

In contrast, the U.S. economy shrank by a record 3.5% in 2020, the worst year since the aftermath of World War 2.    

What To Watch For

Strict public health measures and a resurgent wave of Covid-19 infections driven by a dangerous new variant of the virus have the U.K. economy likely falling again in 2021. While the U.K. has the worst coronavirus death rate in the world, it also has one of the best vaccination records, priming the country for an economic comeback. The BBC reported Bank of England Chief Economist Andy Haldane describing the economy as a “coiled spring” ready to release large amounts of “pent-up financial energy”.

 Further Reading

GDP first quarterly estimate, UK: October to December 2020 (ONS)

UK economy suffered record annual slump in 2020 (BBC)

UK economy shrinks by most in 300 years (Financial Times) Follow me on Twitter. Send me a secure tip

Robert Hart

Robert Hart

I am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter @theroberthart or email me at rhart@forbes.com 

.

BBC News

The “economic emergency” caused by Covid-19 has only just begun, according to the UK’s Chancellor Rishi Sunak, as he warned the pandemic would deal lasting damage to growth and jobs. Please subscribe HERE http://bit.ly/1rbfUog​ Official forecasts now predict the biggest economic decline in 300 years. The UK economy is expected to shrink by 11.3% this year and not return to its pre-crisis size until the end of 2022. Government borrowing will rise to its highest outside of wartime to deal with the economic impact.

The government’s independent forecaster, the Office for Budget Responsibility (OBR) expects the number of unemployed people to surge to 2.6 million by the middle of next year. It means the unemployment rate will hit 7.5%, its highest level since the financial crisis in 2009. Newsnight’s Political Editor Nick Watt and Policy Editor Lewis Goodall report. #BBCNews#Newsnight#Coronavirus​ Newsnight is the BBC’s flagship news and current affairs TV programme – with analysis, debate, exclusives, and robust interviews. Website: https://www.bbc.co.uk/newsnight​ Twitter: https://twitter.com/BBCNewsnight​ Facebook: https://www.facebook.com/bbcnewsnight

More Contents:

Virus expected to last long-term despite global vaccine rollout | The Star http://www.thestar.com.my – Today[…] – Record drop for UK economy – European Commission chief Ursula von der Leyen urged the 27 EU member countries to accelerat […]1

Brexit news: DUP demands ‘freedom’ from NI protocol as trade deal to wipe £45bn from UK economy http://www.independent.co.uk – Today[…]   Elsewhere, analysis from Brussels has predicted that the UK economy stands to lose £45bn in two years because of Brexit […]2

Gates of Vienna News Feed 2/12/2021 | Gates of Vienna gatesofvienna.net – Today[…]            — Hat tip: Reader from Chicago [Return to headlines]   UK Economy Crashed 9 […]0

‘We need more help’: three firms on surviving the UK’s Covid-19 economy | Small business http://www.ways2rock.com – TodayThe UK economy recorded the deepest economic contraction for 300 years in 2020 but it has avoided a double-di […]1

Virus Expected To Last Long-term Despite Global Vaccine Rollout: ECDC Chief http://www.moneycontrol.com – Today[…] RECORD DROP FOR UK ECONOMY European Commission chief Ursula von der Leyen urged the 27 EU member countries to accelerat […]1

Virus expected to last long-term despite global vaccine rollout | Inquirer News newsinfo.inquirer.net – Today[…] Record drop for UK economy European Commission chief Ursula von der Leyen urged the 27 EU member countries to accelerat […]2

Virus expected to last long-term despite global vaccine rollout – mb.com.ph – Today[…] – Record drop for UK economy – European Commission chief Ursula von der Leyen urged the 27 EU member countries to accelerat […]N/A

Virus expected to last long-term despite global vaccine rollout: ECDC chief http://www.channelnewsasia.com – Today[…] RECORD DROP FOR UK ECONOMY European Commission chief Ursula von der Leyen urged the 27 EU member countries to accelerat […]15

Microsoft’s channel could boost UK economy – Channel EYE channeleye.co.uk – TodayA report has shown how Microsoft’s channel can play a key role in helping the UK economy recover from the pandemic and make a bob or two on the side […]0

Newspaper headlines: A ‘road map’ out of lockdown? http://www.bbc.co.uk – Today[…] The Daily Mirror describes as “dismal” yesterday’s figures showing the UK economy shrunk by almost 10% last year […]14

Brexit latest: Make them pay! Sunak urged to fight EU firms over plot to ‘steal UK industr | Politics | News http://www.express.co.uk – Today[…] ” Brexit latest: The key moments that led to the UK’s departure from the EU 8am update: UK economy hit by 9 […]11

What the papers say – February 13 – BelfastTelegraph.co.uk http://www.belfasttelegraph.co.uk – Today[…] com/2SSgpymyyb — The Guardian (@guardian) February 12, 2021 The FT Weekend says the UK economy recorded its worst economic performance since 1709 – the year of the Great Frost – due to th […]N/A

Church House ‘bullish’ on UK economy, highlighting £150bln UK household savings ready to be spent http://www.proactiveinvestors.co.uk – Today[…]   With the vaccine rollout, both are ‘bullish’ on the UK economy, with a particular interest on ‘consumer, domestic spending’ […]N/A

Manufacturers to share inspirational stories of digital technology adoption at Made Smarter virtual summit – Industrial Compliance http://www.connectingindustry.com – Today[…] that Made Smarter’s adoption pilot is having on individuals, businesses, the environment, and the UK economy […]N/A

Asphalt Plant Operative | Jobs and careers with Tarmac jobsearch.tarmac.com – Today[…] Our innovative products and solutions not only deliver the infrastructure needed to grow the UK economy today but also help to create a more sustainable built environment for the country’s long-ter […]0

Stocks struggle but the Bitcoin shines http://www.arabnews.com – Today[…] London sentiment was dented somewhat by news that the coronavirus-ravaged UK economy shrank by a record 9 […]N/A

The UK dodged a double-dip recession, so what next? podcast http://www.thisismoney.co.uk – Today[…] The GDP figures are in for the final three months of 2020 and the UK economy grew by 1 per cent, according to the ONS, despite widespread expectations that it would shrin […]N/A

‘Too early’ to book summer holiday despite Covid vaccine success, says Rishi Sunak http://www.itv.com – Today[…] The UK economy contracted by 9 […] 9% Contraction in the UK economy in 2020 Last week, the Bank of England delivered an upbeat assessment of our prospects goin […]39

By investors, for investors: Leading investors and professionals come together to create a next-generation blueprint for Diversity and Inclusion in the investment industry | BVCA | British Private Equity & Venture Capital Association http://www.bvca.co.uk – Today[…] our under-represented entrepreneurs and business founders could provide a massive boost to the UK economy […]1

Pubs and restaurants ‘to be allowed to serve outdoors from April’ http://www.lbc.co.uk – Today[…] Read more: PM to lay out roadmap for easing lockdown over coming months on 22 February Read more: UK economy fell by 9 […]26

About — http://www.artisessential.art – Today[…] 8 billion a year to the Treasury via taxation to the UK economy, and provides 363,700 jobs, but recent events have exposed the delicate ecology of our secto […]30

MARKET REPORT: Shares in airline Jet2 plunge http://www.thisismoney.co.uk – Today[…]   The market overall had a shaky start following revelations that the UK economy shrank by a record 9 […]N/A

Virus expected to last long-term despite global vaccine rollout medicalxpress.com – Today[…] Record drop for UK economy European Commission chief Ursula von der Leyen urged the 27 EU member countries to accelerat […]1

Re-imagining corporate real estate http://www.shoosmiths.co.uk – Today[…] costs UK businesses around £70 billion a year, with an estimated total annual cost to the UK economy of £340 billion […]0

Bridging the digital skills gap with apprenticeships bruntwood.co.uk – Today[…] at Platform in Leeds said: Apprenticeships are one of the mechanisms that are going to help the UK economy recover from the impact of Covid-19; they build expertise quickly within high-growth areas an […]N/A

UK economy shrinks by record 9.9% in 2020 pandemic http://www.youtube.com – February 125

UK economy shrinks by record 9.9% in 2020 pandemic – Channel 4 News news.google.com – February 120

The Fight to Survive. COVID & BREXIT vs a Small Events Company. – Timmo’s Tour Blog http://www.timbrennan.co.uk – February 12[…] An Industry that through the efforts of many companies like ours is worth billions to the UK economy […]1

TCS to recruit 1,500 tech staff in UK – Software services- Tata Consultancy Services- TCS- employement- UK- Trade Secretary- Liz Truss- CEO- Rajesh Gopinathan | Thandoratimes.com | http://www.thandoratimes.com – February 12[…]   During the meeting, the two sides discussed TCS’ commitment to continue investing in the UK economy, innovation, technology sector, and in developing workforce skills […]1

Britain economy suffers biggest slump in 300 years amid Covid-19 lockdowns | Business Standard News http://www.business-standard.com – February 12The UK economy grew at double the pace expected in the fourth quarter, capping a year that delivered the wors […]N/A

Over £18bn of private debt lending has helped finance businesses – Credit Connect http://www.credit-connect.co.uk – February 12[…] recovery, supporting business growth will be a fundamental driver of a thriving post-Covid-19 UK economy […]

Japan Is Innovating Mobility As A Service And Creating A $61 Billion Market

Japanese trains are famous for cleanliness and punctuality. If a bullet train is five minutes late, it’s national news. Railway companies also operate large station shopping complexes and have played a major role in the growth of Japanese cities. But their bottom line is overshadowed by shrinking ridership due to the declining population. To compensate, they’re trying to address passenger concerns about the coronavirus while making it easier for tourists, women and elderly people to get around. That’s where a uniquely Japanese effort to promote mobility as a service (MaaS) comes in.

Made-in-Japan mobility

MaaS is sometimes thought of as on-demand transport such as ride-hailing services or vehicle sharing, but it’s more than that. According to Japan’s Ministry of Land, Infrastructure, Transport and Tourism, MaaS is a system of search, reservation, payment, etc. that optimally combines multiple public transportation and other travel services in response to the travel needs of each local resident or traveler on a trip-by-trip basis. It is an important means that contributes to improving the convenience of travel and solving local issues by coordinating with non-transport services at destinations such as tourism and medical care.

The ministry is promoting MaaS, leveraging Japan’s transportation expertise, including the ability to move millions of people every day around large cities like Tokyo quickly, efficiently and on time, to further improve mobility in Japan. Public and private interest in MaaS in Japan has sparked expectations of major growth: in 2019, Yano Research Institute forecast the domestic MaaS market will hit 6.3 trillion yen ($61 billion) in 2030, up from 84.5 billion yen ($813 million) in 2018 and growing 44.1% annually from 2016.

In 2019, the Japanese government began to work on MaaS policies in earnest. They emphasize the need for data sharing to build standardized MaaS rules and platforms. They also stress the need to realize efficient mobility services by connecting a variety of mobility mode and infrastructure data, wider implementation of cashless payments and subscriptions with destination service-related data. In addition, they focus on new services provided by new types of vehicles. These include AI-equipped vehicles for on-demand transportation, electric small mobility vehicles, and self-driving mobility services. Japan is using this approach to cultivate its own spin on the concept, known as Japan MaaS.

“Japan differs from the West in that its public transit systems are predominantly run by the private sector,” says Tsuchida Hiromichi, director of the ministry’s Mobility Service Promotion Division. “This means different players can work together to make MaaS as efficient as possible.”

In a regional approach to promoting MaaS, the ministry is working with local governments and private-sector companies. The aim is both to improve transportation options for local residents, especially elderly people in rural areas, and to make it easier for foreign visitors to get around to parts of the country that are off the beaten path for travelers.

MaaS is already taking root in different regions of Japan, says Tsuchida. In Fukuoka City and Kitakyushu City, Toyota Motor and Nishi-Nippon Railroad (Nishitetsu) launched a multi-modal smartphone mobility service called “my route” that lets users plan an outing by inputting a destination and then selecting from different routes and means of travel, including walking, buses, trains and taxis. The app has payment services as well as destination information such as restaurants and cafes. It entered full service last year, and joins a nascent MaaS infrastructure in Japan including popular apps that help commuters navigate complex transit networks in big cities.  

“Japan has many transportation players, with competition resulting in better services,” says Tsuchida. “That’s why transportation in Japan is punctual and safe and has broad coverage. Each of these aspects is sophisticated in and of itself but by combining them, MaaS in Japan has great potential.”

Creating a MaaS market

Hidaka Yosuke worked as a train driver, conductor and maintenance specialist for 12 years before he decided to become an entrepreneur by setting up his own company dedicated to rethinking transportation. Established in 2018, MaaS Tech Japan creates solutions that maximize the value of MaaS for companies and governments. It compiles big data on transport and payments and develops white label apps for MaaS.

“As a train driver, I worked in rural areas with many old people facing mobility challenges,” says Hidaka, who drove trains on the 575-km Tohoku Main Line and other JR East lines before becoming CEO of MaaS Tech Japan. “I became convinced that the rapidly aging society is not a problem that one company alone can solve.”

MaaS Tech Japan is a data integrator collaborating with transportation players to provide mobility solutions. It works with private companies and local governments including the prefectures of Tokyo and Hiroshima as well as Kamishihoro Town, Hokkaido and Kaga City, Ishikawa. It combines various kinds of data related to hundreds of providers such as rail and taxi operators, and conducts simulations on passenger flows to show clients how their transportation needs can best be served.

For instance, it has cooperated with the Tokyo Metropolitan Government to suggest ways of easing congestion on mass transit systems to mitigate spread of the coronavirus. It has also proposed ways in which Kaga City can use mobility solutions to help elderly people get around and to help tourists discover lesser-known attractions such as its hot springs. Aside from local governments, MaaS Tech Japan is partnering with the state-backed New Energy and Industrial Technology Development Organization (NEDO), Microsoft Japan, Tokio Marine Nichido and other players eager to promote MaaS.

The startup is also looking to incorporate MaaS solutions involving autonomous vehicles, energy savings and smart cities.

man sitting in office chair

“Aside from the challenges of aging populations and coronavirus, we want to help tackle climate change and the need to decarbonize the economy because this is all part of the smart city,” says Hidaka. “We want to work with businesses, consumers and governments because collaboration is the key to a solution for mobility. We aim to make a strong contribution in this area.”

Note: All Japanese names in this article are given in the traditional Japanese order, with surname first.

To learn more about MaaS Tech Japan, click here (website in Japanese).

To learn more about MaaS policy by the Ministry of Land, Infrastructure, Transport, and Tourism, click here (website in Japanese).

Japan

Japan

Japan is changing. The country is at the forefront of demographic change that is expected to affect countries around the world. Japan regards this not as an onus but as a bonus for growth. To overcome this challenge, industry, academia and government have been moving forward to produce powerful and innovative solutions. The ongoing economic policy program known as Abenomics is helping give rise to new ecosystems for startups, in addition to open innovation and business partnerships. The Japan Voice series explores this new landscape of challenge and opportunity through interviews with Japanese and expatriate innovators who are powering a revitalized economy. For more information on the Japanese Government innovations and technologies, please visit https://www.japan.go.jp/technology/.

.

Prime Minister’s Office of Japan

Through innovation, Japan is offering solutions to various challenges that the world faces. Watch the “INNOVATION JAPAN” series and get inspired. Innovation Japan https://www.japan.go.jp/technology/in… _______________ Prime Minister’s Office of Japan YouTube Channel is operated by the Government of Japan. □JapanGov https://www.japan.go.jp/https://www.facebook.com/JapanGov/https://twitter.com/japangov/ □Prime Minister’s Office of Japan and His Cabinet http://japan.kantei.go.jp/index.htmlhttps://www.facebook.com/Japan.PMOhttps://twitter.com/JPN_PMO

More Contents:

Cholangiocarcinoma and hepatic myelolipoma incarcerated in a peritoneopericardial diaphragmatic hernia with pulmonary metastasis and carcinomatosis in a cat bioone.org – Today[…] Clinical signs are often attributable to the respiratory or gastrointestinal system, with exercise intolerance, tachypnoea, dyspnoea and cough the most common at presentation […]0

Trial server.devolutions.net – TodayWe process your personal data for carefully considered purposes which are in our legitimate interests and enable us to process your requests and provide our products and services to our customers. Please consult our Privacy Policy to learn more about these interests and to understand when we may process your personal data and how your may exercise your personal data rights.N/A

China Cryolipolysis Body Shaping Slimming Beauty Equipment for Weight Loss and Fat Reduction – China Coolsculpting, Cryolipolysis exportipl982416.en.made-in-china.com – Today[…]  Most patients typically resume their routine activities, including returning to work and exercise regimens on the same day as the procedure […]0

Move More IU Challenge: University-Wide Initiatives: Programs & Services : Healthy IU: Indiana University healthy.iu.edu – Today[…] Reusable water bottle Journal or goal-setting planner Tools for your garden Comfy shoes or socks Exercise band A book on a topic you’re interested in (mindfulness, racial justice, healthy cooking, etc […]0

4 Gauge Review: Explosive Pre-workout 4 Gauge Supplement By Roar Ambition http://www.streetinsider.com – Today[…] This power-packed performance booster gives people additional stamina to exercise for a longer duration without feeling fatigued […] During a workout, creatine allows people to push themselves to exercise more and lift heavy weights without feeling exhausted […] Supplements consisting of creatine replenish the existing levels used up by the muscles during an exercise routine […]N/A

Little Help, Possible Harm of Antidepressants for Pain http://www.medscape.com – Today[…] “There’s quite a lot of evidence showing the benefits of exercise, particularly for chronic back pain and chronic osteoarthritis, and for sciatica, but to lesse […]N/A

JAN 21: ArtsEarth Latest – Promoting the Arts Worldwide! myemail.constantcontact.com – Today[…] In which residents, collaborators and coordinators will carry out a constant exercise of dialogue, cultural exchange and analysis of traditional art, community practices, ancestra […]0Home sites.google.com – Today[…] Tracking your diet and exercise If someone wants to lose weight, they should be aware of everything that they eat and drink eac […] found a positive correlation between weight loss and the frequency of monitoring food intake and exercise […]0

Certified Project Management Specialist – LIVE http://www.accounts-payable-edu.org – Today[…]   Welcome and questions Project planning Breaking it down, building a schedule Product Breakdown Exercise: Office move product breakdown Work breakdown Exercise: WBS for Office move Tasks into Gantt Network diagrams Networking in GanttProject demo Durations […] the project – overview Pause – self reflection Plan management Deliverables Budgets Change Change exercise  Issues info and reporting Case study discussion exercise  Reviews Communication Discussion exercise Office Move comms  Leadership Handover and closure Evaluation and learning1

Upcoming events | Seattle Angel (Seattle, WA) http://www.meetup.com – Today[…] in grassroots marketing and establishing a raving fan base, to me, is stronger than any academic exercise of “customer validation” in evaluating an investment on either the Founder or Investor’s side […]2

RNS (AIM: #ARC) Arcontech Group PLC: Issue of Equity http://www.share-talk.co.uk – Today[…] The new Ordinary Shares are being issued subsequent to an exercise of options over Ordinary Shares by a former employee of the Company […]0

University Social Responsibility Summit 2021: The changing mission of higher education | University of Pretoria http://www.up.ac.za – Today[…] Increasingly, we have realised that academic freedom must be accompanied by the exercise of academic responsibility, in the sense of making a contribution to civil society […] COVID-19 has shown the way For a final example of the exercise of academic responsibility, I return to where I started: the COVID-19 pandemic […]0

Pétition · Puppy and Behavioural Dog Training is an Essential Service · http://www.change.org – Today[…] with up to five individuals are allowed under the current regulations as well as dog walking for exercise, it would help some trainers retain a modicum of income to allow them to teach up to four student […]38

The Week Junior US | Terms and Conditions theweekjunior.com – Today[…] prosecute a claim against The Week and/or any of the Indemnified Parties that arises from its exercise of its rights to edit, refuse to post or to delete any Submitted Content that you post, t […]N/A

Consenting for treatment in advance to reduce leaving the hospital against medical advice among patients with addiction medicalxpress.com – Today[…] force that is beyond the control of the patient, the reason becomes clear: these patients cannot exercise free choice because their SUD coerces them to make unreasonable decisions […]1

Joe Biden didn’t waste time in destroying energy industry http://www.letfreedomringblog.com – Today[…] diplomatic engagement… The United States must be in a position to exercise vigorous climate leadership in order to achieve a significant increase in global climate action and […]0

HOT JOBS & COOL JOBS: CAREGIVER HOME HEALTH AIDE FRISCO TX USA http://www.e-physician.info – Today[…] Gunter, TX, USA Caregiver Services: * Personal Care: bathing, dressing, hygiene, mobility, exercise, dietary aide  […]N/A

Effects of Dietary Fat Restriction on Endurance Training-induced Metabolic Adaptations in Rat Skeletal Muscle http://www.jstage.jst.go.jp – TodayAbstract Endurance exercise training enhances muscle fat oxidation while concomitantly reducing carbohydrate (glycogen […] muscle fat oxidation while concomitantly reducing carbohydrate (glycogen) utilization during exercise, thereby delaying the onset of fatigue […] training-induced enhancement of fat oxidation and reduction in glycogen utilization during exercise. We then assessed the muscle glycogen utilization rate during an acute bout of swimming exercise in the trained rats fed either the CON or the FR diet and consequently found that rats fed the F […]0

Kristi Kelley | School of Public Health | West Virginia University publichealth.wvu.edu – Today[…] as the primary research technician in the Meta-Analytic Research Lab, examining the effects of exercise and physical activity on various health outcomes […] Kelley’s most recent research projects focused on the effects of exercise in children and adolescents with overweight and obesity as well as adults living with arthritis […] period found significant and clinically important improvements among participants engaging in exercise […]

%d bloggers like this: