The government has now moved into the delay phase, designed to delay Coronavirus cases towards the Summer when the NHS workload normally reduces. We have also seen the closure of schools, and laws and regulations have been passed to provide additional powers if required. As the UK aims to increase testing to 25,000 per day, it naturally follows that confirmed cases will rise in the short term.
With social distancing, temporary business closures and remote working, it is no surprise that stock markets fell further. We have also seen the suspension of some property funds.
Many clients have experienced further drops in the value of their investments, often in excess of 10%. Another cut in interest rates and loans to support businesses are amongst the rescue packages aimed at supporting employment and the economy.
It is difficult to look back through history and see a similar events-based scenario to the Coronavirus. The 1918-1919 pandemic flu is probably the nearest, albeit in a much less organised health system compared to today. At that time, the UK was emerging from a World War and the recession lasted 7 months, even though the second wave of infections were more fatal than the first.
We understand this is a very worrying time for everyone and want to reassure you that CHN Financial Consultancy is well prepared to maintain the same high-level of service throughout this uncertainty.
With client and staff wellbeing of upmost importance to us, we have implemented a number of solutions to enable our team to deliver the same levels of service whilst working from home. We are of course still available for meetings, but for now, these will need to be via telephone or video conference wherever possible.
During this period, if you need to speak to your financial consultant, the easiest way to contact them will be directly via their email or mobile phone.