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UK braces for heavy economic losses from Omicron

UK braces for heavy economic losses from Omicron

The UK is preparing for economic losses it could sustain due to the spread of the Omicron strain. According to preliminary estimates, the new variant of the coronavirus could cost the UK economy about $50 billion.

The UK government is expecting that the economy would lose £35 million in the first two months of 2022 alone due to Omicron. According to the Centre for Economic and Business Research (CEBR), the losses would amount to about 8.8% of the GDP, which constitutes one fifth of Brexit’s total economic impact. Up to 25% of the population could be forced to self-isolate.

Even if only 8% of British citizens get infected, the number of sick and self-isolated people would exceed the average seasonal level threefold, costing the UK economy £10.2 billion, or $13.9 billion, CEBR estimates.

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