A steep contraction in the UK economy is all but inevitable. Indeed, the latest survey data points to a sharp drop in activity since the start of the Covid-19 crisis.
Thankfully, UK policymakers have acted fast, and at scale. The Government's Coronavirus Job Retention Scheme is unprecedented, but such drastic action comes at a price.
This is perhaps especially problematic for a nation which has long struggled with twin deficits (both fiscal and trade).
The scheme is also fraught with moral hazard; given a government backstop, companies could take undue risks, and so-called 'zombie' businesses could be kept alive well beyond their natural endpoint.
Nevertheless, given the nature of the crisis, the government may have had little alternative but to absorb these costs in an effort to avoid permanent economic damage.
It seems inevitable that the state will play a bigger role in businesses in the future, and shareholders should probably expect to be deprioritised (many companies have already bowed to pressure to cut dividends).
Ahead, a greater focus on stakeholders and good corporate behaviour is likely - a welcome adjustment in some ways, but a sharp adjustment nonetheless.
Unfortunately, the UK stock market has been among the hardest hit during the Covid-19 pandemic, exacerbated by the presence of large energy companies at the mercy of extraordinary oil price declines.
The prevalence of financial stocks has also hurt; interest rate cuts and the need to provision more for potential bad loans/defaults has made it very hard for banks to make money in this environment.
The UK market does boast a number of large healthcare and consumer staples businesses, which have fared relatively better, but this has not been enough to compensate for declines elsewhere.
UK share valuations still look appealing in a global context, but it is tough to see the UK market leading the way higher from here, particularly given its other looming challenges, such as the ongoing risk of a 'no-deal' Brexit.
The government has been steadfast in its refusal to extend the transition period (the deadline to request this is approaching), despite unavoidable delays to trade talks.
This is an additional and unwelcome headache for a UK market already grappling with a range of issues.
Nikki Howes is investment associate at Heartwood Investment Management
• Significant government support should help prevent the economic damage from becoming permanent, and could well outlive the effects of the virus.
• Interest rates are likely to remain low for the foreseeable future. Asset purchases by the central bank will keep markets flush with liquidity.
• The economic cost of the virus mean the UK is on course to record its largest annual budget deficit since the Second World War. It could take many years to recover.
• A cliff-edge 'no-deal' Brexit is still a distinct possibility. This is an additional headache, and one which UK businesses (and stock markets) could live without.