As the coronavirus disease grips the world, millions of Britons have been forced out of work, too ill to work or face a drop in financial income as the UK grinds to a halt to fight the invisible killer virus. This is all while grappling with growing health concerns, as the respiratory disease kills tens of thousands of people across the world.
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So as the UK battles through COVID-19 and the collapse of society as we know it, Express.co.uk is asking you are you worried about your finances amid the coronavirus outbreak?
The COVID 19 pandemic is having a devastating impact on people’s lives and livelihoods across the UK and the world.
It could see some struggle to make ends meet as illness forces them out of work, or the virus means they’re not able to continue their daily job.
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The UK is fighting the coronavirus (Image: GETTY )
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While emergency measures such as mortgage holidays, Universal Credit changes and a package for furloughed workers have been announced, many will be left still concerned about their financial situation.
The coronavirus outbreak is also expected to shed billions off the British economy as stock markets across the world continue their negative downturn because of the pandemic.
Research from Aldermore Bank shared exclusively with Express.co.uk, revealed that almost half of 55 to 64-year-olds (43 percent) have no savings set aside for major life events – such as bereavement, illness, legal trouble, or periods of unemployment.
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Coronavirus UK: Britain has been hit by the impact of the pandemic (Image: GETTY )
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And Royal London chief adviser Barry O’Dwyer warned some British workers could be forced to postpone their retirement plans because of the impact the pandemic is expected to have on the economy.
Chancellor Rishi Sunak announced a sweeping £30billion spending package last month designed to insulate the country’s economy from the coronavirus fallout in his budget speech.
But he warned that the spread of the killer virus could mean that up to a fifth of the UK’s working-age population may be out of work at any one time.
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Coronavirus UK: Britons across the country have been forced out of work (Image: GETTY )
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The UK has 3.7 million insecure workers – those who are self-employed, on zero-hours contracts or do agency, casual or seasonal work, according to the TUC.
Mr Sunak said that the virus would have a “significant impact” on the UK economy, even if it would be “temporary.”
As part of his coronavirus emergency package, Mr Sunak also announced emergency measures for the self-employed and freelancers.
The UK is on lockdown during the coronavirus pandemic (Image: EXPRESS)
The Chancellor announced a taxable grant worth 80 percent of their average monthly income over the past three years – up to £2,500 a month.
Meanwhile, the Bank of England (BOE) has introduced emergency measures in response to the economic impact of coronavirus, including an unexpected interest rate cut.
The central bank revealed it would lower the interest rate by 50 basis points from 0.75 percent to 0.25 percent – a record low.
This is the first time interest rates have been moved by 50 basis points since 2009.
Meanwhile, mortgage holidays have been introduced to help homeowners during this particularly tough time.