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July 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."

British Companies Fear Rising Unemployment Numbers

The number of new job losses across the UK has led to fears that the unemployment numbers will continue to break records while we wait for the economic recovery to take place. This isn’t just a British issue though, as most countries are now seeing the damaging effects of the lockdown in their economies.

The Latest Numbers

In the last few days, the UK has seen an increase in the number of job losses suffered. Over 12,000 people fell out of employment in just 48 hours, as more companies feel the effects of the struggling economy and lower consumer demand.

Deep Recession Across Europe Predicted

The European Commission (EC) has revised its economic forecasts for the next year, now suggesting that the Eurozone recession will be more severe than they had originally thought. A separate study points out that unemployment numbers across the continent could also rise significantly in 2020.

What Have They Predicted?

The Chancellor’s Plan to Reactivate the UK Economy Divides Opinion

The highlights of Rishi Sunak’s summer statement included some interesting moves to try and reactivate the British economy. While the Chancellor’s plans look impressive, they have divided opinion since he revealed them.

The Basic Details

One of the main points covered in this statement was around the gradual winding down of the furlough scheme. Sunak confirmed that it will run until the end of October, saying that leaving it open forever would give workers “false hope” of returning to their jobs.

650,000 Workers Have Dropped Off Payrolls Since the Pandemic Began

An indication of the extent of the damage done to the British economy by the coronavirus pandemic can be seen with the latest unemployment figures. The numbers from the Office for National Statistics (ONS) show that there are now almost 650,000 fewer people in paid employment than in March.

More Details

British Grocery Records and EU Spending Deal

While the coronavirus pandemic and lockdown have caused huge damage to the UK economy, there are some signs for optimism too. For example, recent figures show that grocery sales have been rising at record-breaking speed.

The Full Details

This piece of market research from Kantar looked at the retail sales in Britain in the three month period up to the 12th of July. They found that the rate of spending during these months was the fastest since records began.

British Staff Have Begun to Return to Work: German GDP Surprise

The latest set of figures from the Office of National Statistics (ONS) reveal that about 7% of the country’s furloughed workers returned to their jobs in the first fortnight in July. However, it is feared that many others will lose their employment before 2020 ends.

The ONS Figures

This report covers the period at the start of July, when the likes of restaurants, bars and pubs across the UK opened up again as the lockdown restrictions eased. The exact dates they looked at were between 29 June and 12 July.