2020 will be remembered by UK income investors for decades to come.
This year dividends from UK-listed companies are likely to fall between 30% and 40% according to Link's dividend monitor.
The modern world has never experienced such a rapid fall in economic activity. This has driven three types of dividend cuts: those that are unaffordable, delayed payments driven by prudence and those driven by the regulator.
The cuts are unequally distributed among sectors with banks, industrials and consumer discretionary seeing the greatest number of cuts while pharmaceuticals, utilities and consumer goods companies have proved more resilient.
There may be further disappointments in the second half of 2020 as delayed payments get cancelled and additional companies raise equity.
For some this will be driven by opportunities to capture market share from weaker competitors as well as reduce their debt.
The outlook for the global economy is challenging with a low probability to a 'V'-shaped recovery. This is because a number of firms that are currently on government support will eventually go bankrupt.
The resultant unemployment, combined with a more cautious attitude to savings, is likely to dampen consumer spending for some time to come.
Having said that, the UK market's valuation has fallen to a level that compensates investors for the riskier outlook. In early April, Link estimated the yield on the UK market might fall to 3.5% in 2020 but then recover to 4.8%.
This compares to a 3.5% average for the past 30 years, making it very attractively valued relative to history and relative to other global indices.
Coronavirus has accelerated a number of underlying trends including online purchases of goods and services, a cashless society, and a focus on health and personal safety.
Many UK corporations are well placed to benefit from the acceleration in these trends. An example is the paper and packaging company Smurfit Kappa which will benefit from rising e-commerce.
Today's market offers some well-priced starting valuations. However, investors should remain selective and focus on companies that have the ability to trade through difficult periods.
Emma Mogford is manager of the BNY Mellon UK Income fund
• An opportune moment to add to UK equities
• Acceleration of thematic trends will benefit a number of UK companies
• The outlook for the global economy is challenging
• Further dividend cuts to come