Retail Banking-The UK: Coronavirus (COVID-19) Sector Impact
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the world losing 20-50% of their value year-to-date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the potential onset of recessionary environments.
This report focuses on the impact of the coronavirus outbreak on the economy and the retail banking industry in the UK. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat coronavirus.
- A wave of measures has been implemented by the government including fiscal stimulus steps, rate decreases, liquidity measures, and a relaxation of capital rules. Banks in the UK are offering relief on payments to mortgage customers.
- RBS, for instance, will allow loan repayments to be deferred for up to three months for customers affected by COVID-19. Other banks such as TSB and Lloyds have also announced similar support.
- According to the Bank of England, UK banks are better positioned to withstand the headwinds than they were before the global financial crisis. Therefore, banks will now have to serve as systemic stabilizers, particularly as a high number of households may be susceptible to the effects of coronavirus measures.
Reasons to Buy
- Make strategic decisions using top-level revised forecast data on the British retail lending and deposits industry.
- Understand the key market trends, challenges, and opportunities in the British retail lending and deposits industry.
- Receive a comprehensive insight into the total consumer loans in the UK, including mortgages, personal and credit card loans as well as retail deposits balances.
Total Consumer Loans
Credit Card Loans
Other Consumer Loans
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