Over the past years, the impact of covid 19 pandemic has massively affected the operations of UK business significantly and along with the globe, the economy has also suffered massively. The economy, society as well as the overall business situation in UK has been worst affected by the pandemic. The country has taken various innovative policy approaches in order to implement a robust strategy sustaining growth post the covid 19 pandemic. In order to sustain in future, the UK economy will have to achieve innovation and growth in the private as well as public sector. Further, the adoption of technology, development and adoption is also essential for the UK economy to make sure the significant impact from the covid 19 can be negated (Jallow, Renukappa and Suresh 2020). The UK economy lacked proper trade policy formulation at an earlier stage therefore the impact of the pandemic has been substantial after understanding the situation that covid 19 has created post the pandemic. With the inadequate policy measures, government cannot be able to mitigate the vulnerabilities caused by the covid 19 pandemic. Without reducing the vulnerabilities further, the government will not be able to navigate towards equitable distribution of the wealth as well as opportunities.
The implementation strategy regarding the innovation needs a sharp focus from the government to realize how they can reduce the impact of the pandemic towards the country. Further, the economy will have taken ranges of quantitative measures in order to measure the progresses related to the existing work situation. The country will have to focus on the current drivers of economic growth as well as will also have to focus on the structural shifts related to the economy. In terms of policy creation and the innovation policies, the government will have to understand the effectiveness of stimulus policies related to the medium- and long-term policies. The government of United Kingdom will have to address the existing financial as well as banking system which will allow it to reduce further impacts of the economy (Spiro etal 2020). Policies related to the financial situation will allow the economy to limit the credit crunch of the economy. The recovery will have to be focused on the sustainable growth and the crisis should never damage the long-term growth i.e, the sustainable growth of the company. The structural shifts of the economy will have to be accelerated in order to boost economic future situation of the country.
The government further will have to focus that the crisis is not impacting the economic growth of the country and if the government fails to implement proper policies post the covid 19 situation, the temporary economic growth and recovery will go towards disposition. The government of UK will have to focus on new business opportunities and understand which factors are affecting the recovery post the crisis period. The old economic structure will also have to be changed in order to enhance sustainable growth.
Innovation will allow the government of UK to avoid deglobalization with the help of next phase productivity growth. By ensuring newer opportunities are coming towards the business, the government will support new economic policies and businesses models which will drive towards sustainable growth. Ensuring the competition within different business sectors, the government will be able to encourage the entrance and expansion of new business which will further produce favorable situation for the business (Hyndman 2020). Firms will have to encourage both entrance of new business as well as stimulate growth within the existing economy with the help of the administrative cost of creating new business sectors. The government will have to understand the potential favorable conditions related to the business survival as well as will also reconstruct liquidity related problems in the business.
The National Accounts should provide conceptual framework for recording and reconciling economic flows, as well as a lens through which to assess the economic effect of the coronavirus (COVID-19) epidemic. In general, this architecture is ideally suited to marketplace transactions of commodities and services. In these marketplaces, the collective values of output and expenditure, and also the amount of the income created by these activities, are generally well-aligned. Non-market production, on the other hand, has long been known as a measuring difficulty. The coronavirus pandemic has also had a substantial impact. Non-market output refers to products and services produced by the state or non-profit organizations supporting households (NPISH), which are either provided for free or at marginal costs. This comprises the majority of healthcare and education agencies, as well as many other public services including the courts including criminal courts, public security and security, social welfare, and some other administrative functions in the United Kingdom.
However, the government can place tariff related barriers and restrict immigration in order the block the process of globalization partially. The abovementioned policies can be only achieved if the public trust is strengthened as well as the government understands what exact changes are they bringing to the communities. Without understanding the same, the government will not be able to support the economic situation in a post covid period (He and Harris 2020). While economists are arguing that the multilateral trading system are under pressure which can further bring deglobalization in UK, it is still unclear whether deglobalization will impact on the environment or not. In the post covid period, the deglobalization in UK can bring economic slowdown, reduction in demand as well as significantly diminishes confidence among many business sectors. Further, the deglobalization post the covid 19 period will result in a collapse in the trading and investment system.
Political turbulence can significantly augment the situation of deglobalization in UK therefore the UK policymakers will have to understand the economic changes and implement sound trading policies to help reduce the impact of economic downturn in the business sector. Government might also further prioritize the increase in investment in different business sectors and should inject more capitals into the banking system to support the economic recovery. The government will also have to take advantages of the public private civil partnerships to comprehend the areas of developing industries as well as communities which they will have to invest and assist in the growth. Further, post the covid 19 pandemic situation, the upskilling of workers will be required which will ensure that local industries in UK have enough employees to drive growth within the industry. The government will also have to maintain a centralized governmental oversight which will manage every state and federal related matters independently (Watermeyer etal 2021). Further, in order to improve the profitability metric in the post covid 19 situations, businesses will also have to create more job opportunity. Further, the government must also ensure that it has proper regulatory framework pertaining national security and safety thereby protecting the supply chain as well as foreign trade related matters. The government must also assist local communities in the crisis situation and should also free up central resources. It will also allow for redistribution to local institutions thereby assisting the local economy. The government must establish proper relation with the private sectors as well as civil sector organization in order to improvise and drive towards GDP growth in UK. Any existing potential social and economic disparities must be also reduced in order to grow best trade practice among the existing trade partners that will further allow the government to stimulate economic growth in UK. The policy makers must also understand that the primary challenge for the government lies in ensuring growth of the small and medium companies in UK hence they will have to propose a centralized communication strategies to the government which will ensure that the global agenda is well explained towards the community which in turn will assist economic growth across UK.
Due to globalization, trade and commerce has been increasing rapidly on a global scale thereby also increasing the supply chain influence towards an economy. Globalization was not possible without the impact of technology in the transformation in UK. Globalization has made significant negative effects on UK business. The key disadvantages of globalization in UK business are given below
One of the primary disadvantages of globalization is outsourcing. Since foreign workforce can offer cheap labor for service relation positions, time delay, quality of service as well as UK company’s reputation can get significantly affected by the outsourcing. Due to outsourcing, various industries such as technology, education, accounting and software development can be significantly affected since outsourcing impact the quality of work of company’s expenses (Richards and Sang 2019). Initially, outsourcing can allow UK businesses to reduce their expenses however in future more expenses can get created due to the reduced quality of work.
Due to globalization, many job opportunities get created in the emerging countries however overall wage for a job position can reduce due to globalization. When wages for a job position decreases, workers can feel less interested towards the work and they will put less effort towards their job. Further, the changes in labor laws, competition as well as other factors will impact the job condition of UK business significantly. Further, UK companies can strategize to reduce their workers expenses post globalization which might impact the quality of work significantly.
Post globalization, various labor laws were created in order to protect workers from exploitation and mistreatment at workplace. The implementation of overprotective labor laws can cause significant problems for the business and therefore the public reputation of a company can gets harmed if the community believes that the company is mistreating its workers or it not adhering to the labor laws. This can result in reputation loss of the company since customers might think that the company follows unethical practices in the workplace thereby impacting its reputation significantly. It can be also noted that globalization has also caused exploitation of labor in many UK businesses. To improve profitability, business ignored safety standards and quality of products and services offered which in turn affected the safety standards or the products and services offered by the business.
As per the recent research, it has been evident that globalization has brought to increase in competition in UK business (Von Rimscha etal 2021). With increased competition, UK business had to reduce their price of their product to compete within the market and produce quality products at competitive price which were not possible at any extent. This has led to price fluctuation within the economy and UK businesses were forced to reduce the prices of their products thereby affecting the quality of products and services offered by the company. Due to globalization, the tariffs related to the business has also negatively affected which has led to affect all industries and businesses in UK. The globalization has made the use of tariffs difficult due to the retaliatory effect from other states, other multinational trade agreements that restricted the use of tariffs. Since UK businesses were unable to utilize tariffs, they had to reduce their price point of products and services offered therefore affecting the business dynamics negatively. Further, it can be also noted that the negative effect of globalization for the UK business will be continued to be felt and will intensify therefore the UK business must have to adopt towards the change in the global economy in order to go though the process of globalization.
People in developed nations, such as the United Kingdom, face employment related instability. People are being fired off post the globalization phase. It has been also found that manufacturing as well as white-collar employment have been outsourced by UK implying less work opportunities for their citizens. This is due to the fact that manufacturing jobs are outsourced to nations with cheaper manufacturing prices and wages than their own. During the period 1980-2000, regional and national monetary factors that were established and sustained were the most important determinant in determining employment levels (French 2018). Furthermore, nations that implemented liberal macroeconomic reforms adopted policies that favoured flexible labor markets and employment practices, decentralized industrial relations systems, and prudent labor enforcement. With that being said, it is evident that globalization has resulted in unemployment in UK business which is a concerning factor for the business and the economy as a whole.
References
French, S., 2018. Between globalisation and Brexit: Migration, pay and the road to modern slavery in the UK hospitality industry. Research in Hospitality Management, 8(1), pp.23-31.
He, H. and Harris, L., 2020. The impact of Covid-19 pandemic on corporate social responsibility and marketing philosophy. Journal of business research, 116, pp.176-182.
Hyndman, N., 2020. UK charities and the pandemic: navigating the perfect storm. Journal of Accounting & Organizational Change.
Jallow, H., Renukappa, S. and Suresh, S., 2020. The impact of COVID-19 outbreak on United Kingdom infrastructure sector. Smart and Sustainable Built Environment.
Richards, J. and Sang, K., 2019. The intersection of disability and in-work poverty in an advanced industrial nation: The lived experience of multiple disadvantage in a post-financial crisis UK. Economic and Industrial Democracy, 40(3), pp.636-659.
Spiro, N., Perkins, R., Kaye, S., Tymoszuk, U., Mason-Bertrand, A., Cossette, I., Glasser, S. and Williamon, A., 2021. The effects of COVID-19 lockdown 1.0 on working patterns, income, and wellbeing among performing arts professionals in the United Kingdom (April–June 2020). Frontiers in psychology, 11, p.4105.
Von Rimscha, M.B., Möller, J., Voci, D., Nölleke-Przybylski, P., Altmeppen, K.D. and Karmasin, M., 2019. Can digitisation help overcome linguistic and strategic disadvantages in international media markets? Exploring cross-border business opportunities for German-language media companies. Media, Culture & Society, 41(4), pp.520-538.
Watermeyer, R., Shankar, K., Crick, T., Knight, C., McGaughey, F., Hardman, J., Suri, V.R., Chung, R. and Phelan, D., 2021. ‘Pandemia’: a reckoning of UK universities’ corporate response to COVID-19 and its academic fallout. British Journal of Sociology of Education, 42(5-6), pp.651-666.
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