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Impact of Covid-19 PowerPoint Presentation

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Description : How are covid-19 impacting people socially and economically

Tags : COVID19

Published on : Feb 23, 2021 | Views : 1270 | Downloads : 0

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Slide 1-

What is the potential impact of the shutdown of the English Football season?
Slide 2-

What are social and economic impact due to closure of English Football season?
Slide 3-

Issues due to shutdown of English Football Season: The clubs stand to lose out on up to £762m from the broadcasters. Loss of £100m for most of the clubs. Sky and BT are losing tens of millions of pounds a month from customers pausing subscriptions due to the lack of live sport. BT Due to coronavirus, many of the English football seasons needed to shutdown meaning there are no matches to broadcast, and the clubs stand to lose out on up to £762m from the broadcasters, with a further £338m from lost ticket sales. The result is that many clubs, like any other business, fear bankruptcy as well as some clubs may potentially loss £100m revenue. Around 200 football clubs could go bankrupt due to coronavirus pandemic. £338m from lost ticket sales.
Slide 4-

In the 2019-20 season, the English Premier League clubs were set to receive £1.67bn for domestic broadcasting, of which Sky and BT committed to £1.58bn to show 180 matches live, and Amazon a further £90m for 20 matches. As well as most of the clubs across Europe has denied to commercial revenue with no games in most country. This led to economical problem for Premier League. Due to economic problem, some matches may likely to be palyed behind closed doors for an extended period because of bans on mass gatherings due to coronavirus pandemic, no fans means no matchday revenue. This could potentially mean loss of £338m from ticket sales but £762 could be raised through broadcasting live.
Slide 5-

Due to shutdown of English Football Season, the shops around stadium such as food shops, t-shirts shops and restaurants suffered financial distress as a result of Covid-19. This means owners had to ask worker such as cleaners or security guards to leave the job or either close the jobs temporarily due to struggle to pay wages to their employees. As stated by BBC that "100,000 of jobs are supported by the League, meaning 100,000 of workers were left unemplyed or furlough due to shutdown of Premier League Club.This means it had greater impact on workers especially those who belong to poor family leading to increase in inequality. This is shown on the Financial crises when about 91.2% of low-income households said that they could not manage a month if they were to lose their main source of household income. They spend a high fraction of their budgets on necessities that are hard to scale back. This suggests increase in inequality could increase absolute poverty. Also, For emplyoees with lack of skills and education may suffer alot after lockdown as they may not be able to find job due lake of skills which can increase occupational immobility. Increase in Unemployment
Slide 6-

Due to increase in cyclical unemployment from closure of English Football Matches due to Covid-19, Government could pottentilly increase benefit of those who earn low income as unemplyment has greater impact on low income household. As a result, it can decrease abosolute poverty and inequality. However, it can lead to increase in government deficit as govenment have to spend greater propotion of money on benefit as well as on furlough scheme meaning government may less to speand on other services such as healthcare and education which can worsen the problem of inequality leading to government failure. Therefore success depends on only if the government surplus is higher compare to government deficit. Providing Benefits to low-income Households + Greater level of equality among it's citizen + Improvement in quality of lifestyle +Decrease in absolute poverty - Increase in Government deficit -Increase in opportunity cost for Government -Increase in Occupational immobility/unemployment
Slide 7-

Many of the Clubs and owners invested their money on broadcasting sports live. This can be seen when BT and Sky were to receive £762m from just broadcasting and normally Premier League contributes £7.2bn to GDP. However due to shutdown of English Football Season, this had greater impact on GDP and economy. This is shown by the ONS when GDP went down to 20.4% in April. The contraction is three times greater than the decline seen during the whole of the 2008 to 2009 economic downturn. Currently, Sky and BT are losing tens of millions of pounds a month from customers pausing subscriptions due to the lack of live sport. These suggests disruption to economy and GDP as clubs will receive less revenue leading to increase in average cost and decrease in profit for clubs as well as decrease in accelerator effect. Also, investing in certain companies acts as trickle down effect where others benefit too. However, due to covid-19, this had social impact through losing jobs due to struggle to pay wages. This means less tax were paid to government as around £3.3bn are contributed to taxes by Premier League and other clubs which could have been used to spend on public sector such as healthcare and education leading to market failure. Impact on GDP/Economy
Slide 8-

Government can subsidise clubs or broadcaster. This way clubs will be able to pay wages to employees and economy of UK can have growth and this can also contribute to taxes which can increase government revenue. However, subsidising clubs mean government will have opportunity cost as they have to let go off paying to other public sector and have to subsidise clubs. This may also count as bias as other firms may be experiencing financial distress which can cause debate. Therefore, success depends on if the economy growth is higher than amount of money subsidised to government. Subsidising Clubs and Firms + Reduce debt for firms + Improvement in quality of lifestyle +Enhances Economic Growth - Increase in Government deficit -Increase in opportunity cost for Government -Argument/Debates
Slide 9-

Shutdown of English Football season led to both economic and social impact. However, impact on economy is greater compare to social. This is because due to covid-19, it led to financial distress for many of the clubs which eventually led to risks the jobs of all their non-playing staff including grounds men, maintenance staff, cleaners and restaurant staff, and those of hundreds of third-party suppliers in the local economy – with the risk of wide-ranging negative externalities. This had the greatest impact on low income household which increased absolute poverty and inequality. Therefore, government intervention was needed to take place such as through providing benefits or subsidizing clubs. However, this could lead to government failure as it can increase government deficit as greater proportion of money is needed to spend on benefit and subsidizing which can increase opportunity cost for government. Therefore, alternative government intervention such as wealth tax can solve the problem of economy as government can receive greater tax revenue which could be used to help economy and those in need. Conclusion
Slide 10-

Thank You Any Questions?