Economic impact refers to the effect that an event, policy, or market trend has on the economy of a specific area or the economy as a whole. It encompasses the changes in economic activity that result from a particular cause, including variations in employment levels, income generation, business growth, and overall economic output. Economic impact can be measured in various ways, including direct, indirect, and induced effects. Direct effects occur from immediate economic activity, while indirect effects result from the subsequent spending within the community. Induced effects arise from the increased income that leads to additional expenditure. Evaluating economic impact is crucial for understanding the benefits or costs associated with specific actions, such as investments, infrastructure projects, or changes in policy.
UK banks like Lloyds, Halifax, and Bank of Scotland are rapidly closing branches, with 21 closures this month alone, reflecting a major shift towards digital banking. The number of bank…