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February 2020

Disclaimer :
"Any views or opinions expressed in these blogs are solely those of the author and might not represent those of Access Credit Management Limited."

Britain’s Productivity Is Growing at Pre-Industrial Revolution Rates

What they found is that the last decade was the worst in terms of growth for 250 years. In fact, it was twice as poor in terms of efficiency gains as the previous poorest decade, which came in the years between 1971 and 1981.

The research looked at the economic output achieved by British workers during an hour of working time. What they found is that the growth rate is as low as it was in the days before steam engines powered our factories. 

The UK Recorded Zero Growth at End of 2019

The British economy ended 2019 on a weak note, as no growth was seen in the last quarter of the year. The figures from the Office for National Statistics (ONS) showed a slowing down in several different industries.

Full Details

The country’s manufacturing sector suffered its third contraction in consecutive quarters. The car industry was also noteworthy in terms of its poor contribution to the national economy.

Even the traditionally strong services sector slowed down towards the end of the year, with the election possibly being the cause of this.

Retail Sales in the UK Bounce Back

The latest figures from the Office of National Statistics show that retail sales in the UK started 2020 strongly. January gave the industry a much-needed boost following on from the worst year on record in 2019.

The Details 

The improvement seen in January was a healthy 0.9% when compared to the month before. This followed on from two successive months of falls, with December showing a drop of 0.6%. In addition, this was the biggest monthly increase since March last year.

England’s North/South Economic Divide Predicted to Grow

A new report suggests that the economic divide between the North and South of England is set to grow. It is predicted that this will happen in the period until 2023.

The Full Details

Most at risk of falling behind are the smaller towns and villages in the North of the country. It is feared that the bigger cities will continue to move further ahead of them in the next 3 years or so.

UK Spending Plans Put on Hold

The UK’s most important spending decisions will be delayed until the autumn this year. A combination of factors including the coronavirus outbreak and downgrades in the country’s growth forecasts have caused the government to decide upon this delay.

The Budget Is Due Soon

The 11th of March is when the Treasury is due to deliver the next Budget. New Chancellor Rishi Sunak has recently entered the role and is faced with a complicated economic outlook. Many companies are turning to international debt recovery as a weak global economy causes problems.