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December 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."

Record End of Year Retail Figures Predicted as Vaccines Boost Confidence

As the coronavirus vaccine begins to get rolled out in the UK as well as in Russia, it is predicted that consumer confidence will start to grow. This should ensure a strong end to 2020 for some industries, with retail already performing well.

The Retail Numbers

A supermarket boom in November made this the best ever month for the UK’s grocery sector. With many other types of business closed due to the latest restrictions, some £10.9 billion was spent in a mixture of online and in-store transactions.  

Figures Show the British Economy Was Slowing Before Second Lockdown

The latest numbers released by the Office for National Statistics (ONS) reveal that the UK’s economy was already showing signs of going backwards before England’s second lockdown. This has increased fears that the economy is set to fall further.

The ONS Report

In the month of October, the country’s GDP grew by just 0.4%, as it continued to slowly recover from the first lockdown earlier in the year. However, it is still 7.9% smaller than it was before the pandemic wreaked havoc.

British Economy Improved 16% in Third Quarter but Highest Debt in Six Decades

The Office for National Statistics (ONS) has revealed the extent of the damage done by this year’s first lockdown, as well as showing how the country bounced back in the second quarter.

The Full Figures

Among the interesting figures, we can see that the UK’s GDP rose by an estimated 16% in the period between July and September.  This is the biggest expansion of the country’s economy ever recorded in a single quarter since records began in 1955. It tied in with the easing of the initial lockdown restrictions.