Britain Begins the Process of Reopening
Last week, Britain started to slowly reopen after one of the longest and most strict lockdowns in the world. Britain has been under three nationwide lockdowns since the start of the pandemic, and they hope for this to be the last. When the country began to open last week, thousands of retail stores, pubs, restaurants, and more reopened for the first time in months. The British government has said that they are aiming to fully reopen by June 21st.
British citizens have been under strict lockdowns for the longest amount of time compared to any other country in the world since the start of the pandemic. When the lockdown restrictions finally eased on Monday, April 12th, British citizens rushed out of their homes to celebrate by shopping and grabbing a meal or drink with friends (outdoors). This surge of eager spenders is great for local businesses.
How Does This Affect the Economy?
Deutsche Bank, the German Investment Bank, has stated that since the country has begun to reopen, the economy has been off to a “roaring start”. These predictions and data suggest a strong consumer demand which has been pent up for the past three months. Many consumers’ incomes were protected by government furloughs.
It is still not certain if Britain is on a straight path towards reopening. Many things could happen before this is all over, including another lockdown, similar to what Ontario, Canada is facing. The process of Britain fully reopening is a long one, but it still feels like the beginning of the end for many.
This will likely open the doors to more opportunities for international business deals between the UK and the rest of the world. Follow along with our blog for other articles on international business, law, and more!