The economy of Cornwall is anticipated to recover at least after five years or by 2025 after the Coronavirus pandemic struck the entire society. This may be because Cornwall was one of the most affected by the furlough arrangement meant to protect professions during the lockdown.
Glenn Caplin, Chief Executive of the Cornwall and Isles of Scilly Local Enterprise Partnership, warned the people regarding the community’s recovery rate on COVID-19. Statistics from June displayed that over 84,000 jobs in the Isles of Scilly and Cornwall were maintained by the job retention program of the local government.
Moreover, Newquay and St Austell had the highest number of layoffs due to the pandemic, with more than 18,000 people losing their jobs. Meanwhile, Falmouth and Truro reported around 14,400 dismissals, 12,300 for St. Ives, 13,600 in North Cornwall, 11,300 for South East Cornwall, and over 13,000 in both Redruth and Camborne.
Caplin thought that 37% of eligible occupations were discharged within the Isles of Scilly and Cornwall, making it the highest record for 2020.
Furthermore, 77% of individuals shifted to self-employment as their main source of income. This data was also noted as the highest rate in the country and for this year. Aside from this, Caplin also reiterated that there was also an increase in the number of people claiming benefits. A 95% upsurge was observed in the claiming of Universal Credit within Cornwall from March towards June of 2020.
Last March, it was reported that there were about 24,000 claimants in Cornwall. Then, by June, the numbers rose to approximately 48,000. Rural Wadebridge, St. Kewhad, and St. Minver had the major growth with almost 250% added UC petitioners.
Needless to say, Cornwall Council had also assisted in distributing £200million for business grants which were one of the highest levels in the nation. The Cornwall and Isles of Scilly Local Enterprise Partnership or LEP had been working with a business cell to identify what sustenance can be formulated to help enterprises flourish, especially the small business sector.