Business
Professor Dylan Jones-Evans talks to Mark Powney, Managing Director of Business News Wales about the impact the coronavirus will have on the economy, and how it’s not all bad news. Interview Highlights The economy will fall by 15%-20% over the next two quarters and it will be a difficult time for many. If the government does what it says it's going to do and businesses are protected from the worse of it, there is no reason why we won't have a rapid bounce back in 2021. The UK Government may take on the liability for insurance claims within the hospitality sector. Brexit resulted in businesses building up their balance sheets and it is estimated that there is about £750billion of cash in the corporate sector in the UK which will provide the economy with a strong buffer. The working population wasn’t enabled to work from home in previous recessions, the flexibility wasn’t there and this is something that will change in the future. The crisis will offer an opportunity for some businesses to take a step back and reflect on the future.