According to a recent report by CBI, businesses in Britain were already bracing for some form of a slowdown even before the coronavirus pandemic had escalated. Consumer services companies had anticipated business volumes to contract by 47% in the coming quarter, as per a survey conducted in early March.

While retailers expected sales to decline by 31%, manufacturers forecast a 20% reduction in business volumes over the next three months. However, business and professional services companies had expected sales to rise over the coming quarter.

The social distancing and lockdown measures which have been enforced across the country are expected to considerably dent the demand for goods and services among consumers. With the focus on containing the spread of the virus, CBI expects business volumes to only worsen beyond the figures pointed out by the latest survey.