The UK’s economic performance had been flagging long before the emergence of the Covid-19 pandemic. Pressures resulting from Brexit and stagnant wages had already seen GDP growth stifled to between just 0.2% and 0.3% on average during 2019 – something which saw a number of high profile sectors such as retail, dining and travel record a sharp spike in liquidity issues. In turn, this saw many clients of Britain’s consulting industry scale back their advisory spending, something which led to the UK’s management consulting market seeing its slowest growth in seven years.
Now, thanks to the additional pressures inflicted by the global coronavirus lock-down, research firm Statista’s latest estimates the UK’s economy is set to hit negative growth for the duration of this year. Due to this forecast recession, a recent study from Source Global Research suggested that the consulting sector is set to see a stagnant 2019 turn into a potentially disastrous 2020, with revenues possibly falling from £8.6 billion to as little as £6.1 billion in the current 12-month period.