Home Business Offices to remain deserted for months in Britain By Reuters

Offices to remain deserted for months in Britain By Reuters


© Reuters. FILE PHOTO: Empty offices next to Bank of England are seen as the spread of the coronavirus disease (COVID-19) continues, in London


By Guy Faulconbridge

LONDON (Reuters) – Offices and workspaces across England are likely to remain deserted for months longer under British Prime Minister Boris Johnson’s plan for a phased restart of the battered economy after the artificial slumber of the COVID-19 lockdown.

Counting houses and skyscrapers across London’s skyline – from the hedge funds of Mayfair and the lawyers’ chambers of Holborn to the trading floors of the City and Canary Wharf – have emptied during almost a year of restrictions.

Big banks, law firms and investment funds sent all but a skeleton staff home months ago, leaving one of the world’s biggest global financial capitals without its bustle.

Shoe shops, coffee bars and pubs stand closed across the financial district, some permanently.

As he unveiled his four-stage plan for lifting the restrictions, Johnson cautioned that there would be no “zero COVID world”, so people would have to get used to the novel coronavirus as they have got used to the flu.

But he gave no clear date for an end to working from home – one of the biggest changes to global working practices in decades.

Johnson said the government would review the need for social distancing and face masks in a process that would conclude ahead of Step 4 of the restart plan, which would not come into force before June 21.

“People should continue to work from home where they can,” Johnson told parliament.

The end of the office, predicted by some, has already forced companies to assess whether they need to pay for vast spaces in central London, while the city’s transport system has been pushed towards insolvency by a lack of commuters.

As employers mull ways to cut costs in the worst economic slump since the Great Depression, some employees have been driven to distraction – or drink – by working from home while home schooling. But some have found it liberating to cut out an expensive commute.

Facebook Inc (NASDAQ:). CEO Mark Zuckerberg said last year that about half its workforce would eventually do their jobs outside the office over the next five to 10 years.

A report by Citi last year found that 24% of occupations in the United States could be performed remotely – and that those occupations employ 52% of the U.S. workforce.

“Before the Industrial Revolution, most people worked from their homes producing the goods and food they needed,” Citi said. “The COVID-19 pandemic was able to accelerate the shift to remote working.”

After grappling with conference calls with far-off bosses for months, some employees have considered selling up and moving out of London – Europe’s most expensive real estate market.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.