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

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.

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?

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.

UK Economy Has Sharpest Decline in 40 Years but V-Shaped Recovery Predicted

The latest figures have revealed that the British economy suffered a bigger contraction in the first three months of 2020 than had been expected. However, it is hoped that a v-shaped recovery will be seen in the rest of the year.

The Latest GDP Figures

New figures show that the country’s GDP plunged by 2.2% in the first quarter of 2020. This was the biggest drop in more than four decades, and was due to the economy being virtually shut down once the coronavirus pandemic appeared.

A Productive June Fuels Hopes of a Fast Economic Recovery

After weeks of economic gloom, the lifting of certain restrictions in the UK has coincided with encouraging data from June to date. Could the recovery turn out to be faster than expected?

What Has Happened in June?

The IHS Markit figures for this month show a UK PMI of 47.6. This is still below the crucial 50 mark, but it contrasts to sharp falls in previous months. For example, in May the PMI was just 30.

Bank of England Expands Quantitative Easing but Keeps Interest Rates Steady

The Bank of England has boldly moved to stimulate the country’s economy, by expanding quantitative easing but leaving interest rates at their current levels. The former is tactic that sees extra money pumped into the financial system through the buying up of Government bonds.

What Have They Agreed?