What the UK's shrinking economy means for your job and more

Has YOUR career been put in limbo? What Britain’s shrinking economy means for your job and your savings (and how you can upskill for free!)

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Climbing the career ladder can be challenging at any time but the pandemic and local lockdown restrictions are weighing on business and economic confidence.

There are fears that the new three-tier system in England, where areas with the most coronavirus cases face closures of pubs and bars, as well as wider restrictions on households mixing across the UK, will further shrink the already under pressure economy.

But despite the uncertainty, Lloyds Bank says there are steps you can take to give your work and money a boost. 

The impact of a shrinking economy 

Businesses and staff are already counting the cost of the pandemic with unemployment hitting a three-year high in the three months to August as the economic uncertainty hits consumer demand and dents corporate confidence.

Unemployment levels hit a three-year high this year as the impact of the pandemic continues

A shrinking economy can make it harder to find a job or get a payrise as businesses are more nervous about hiring or increasing spending.

Research by Lloyds Bank among more than 1,000 companies shows almost two-thirds are reporting there has been a negative impact on demand due to the coronavirus and local lockdown restrictions¹.

One fifth of businesses expect to increase employment over the coming year, while 37 per cent are anticipating a reduction¹.

Of the businesses surveyed, 38 per cent reported having no furloughed employees but one third anticipate a pay freeze¹.

Hann-Ju Ho, Senior Economist at Lloyds Bank Commercial Banking, says: ‘With new lockdown restrictions being announced, the UK’s path to economic recovery is uncertain and it remains to be seen how the new measures will impact on business confidence.’ 

The upskilling opportunity

Learn a new skill which could help with your current job or boost your employability

Your career or salary may have stalled, but that doesn’t mean you don’t have any opportunities available to ensure you’re well trained and prepared to progress once the pandemic passes.

Lloyds Bank has created an academy to help people get to grips with new skills, such as improving your CV, working with spreadsheets and preparing for online interviews in the digital workplace. This is not just available to customers of Lloyds Bank, but provides free support to anyone who needs it

The Lloyds Bank Academy online sessions can be accessed any time of day. As well as on-demand learning, you can also participate in live sessions to help build your confidence and meet other people who can help you on your journey. Lesson themes range from improving your career and communicating with others to increasing productivity at work and staying safe online.

The academy has also partnered with organisations such as Google, the Digital Skills Partnership and the Good Things Foundation to provide sessions that can help you feel more confident about promoting yourself, your business and managing your money online. 

Managing your money

Financial planning can protect you and your loved ones should your circumstances change

On top of job worries, lockdown may also make it harder to manage your finances if you are isolating or worried about visiting your bank.   

Research shows 87 per cent of people who bank online found that it helps them manage their money better. That’s why Lloyds Bank have been helping customers get online through the Lloyds Bank Academy². 

Managing your money online means you can keep track of your finances whenever you need or want to, plus the Lloyds Bank Academy offers sessions on budgeting and controlling how you borrow money, which is all the more important during these uncertain times. 

Lloyds Bank has setup a specialist phone line with training provider We Are Digital to help vulnerable and elderly customers access the internet as a response to the pandemic. Through this initiative, they have helped thousands of people get online for the first time through remote telephone support and the provision of hundreds of free tablet devices. 

With guidance from We Are Digital’s agents, users learn key skills for everyday digital tasks, such as online shopping and connecting virtually with family and friends, as well as online banking. 

Emotional support

Many people are feeling isolated and overwhelmed by current events– but they’re not alone

Beyond practical guidance to manage your money, lots of people need emotional support to cope with the challenges of the pandemic.

Lloyds Bank has a longstanding partnership with charity Mental Health UK their funding has enabled them to launch the first UK-wide Mental Health and Money Advice Service, which provides support for people affected by mental health and money issues.

They have worked together to provide guidance to help those with money and job worries as well as support on how to budget and pay your bills.

Lloyds Bank is also supporting charity AgeUK’s 24/7 helpline and friendship service for those aged 55, The Silver Line, to help those who are elderly or vulnerable to not feel isolated during these strange times.

Fiona Cannon, Sustainable Business Director at Lloyds Banking Group, says: ‘For many right now, staying connected and accessing vital services is difficult – and for those experiencing isolation, this also can have profound effects on their mental health.

‘That’s why we believe offering practical and emotional support through initiatives such as these is so important in helping our vulnerable customers to feel more connected and in control.

‘This is just one of the ways we are making it that bit easier for our customers to manage their finances and mental health during the current crisis.’

By your side 

Lloyds Bank wants to help everyone manage their finances and upskill during this difficult time.

Visit Lloyds Bank today to find out how they can help you. 

1. https://www.lloydsbankinggroup.com/Media/Press-Releases/2020-press-releases/lloyds-bank/business-confidence-rises-fourth-consecutive-month/?optoutmulti=0:0%7Cc1:1%7Cc3:0%7Cc5:0%7Cc4:0%7Cc2:0&optmessage=1 

2. https://www.lloydsbank.com/online-banking/home.html 

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