The end of 2020 has brought with it a set of mixed numbers, as both Brexit and the Covid-19 crisis have caused huge problems. Yet, when we look ahead to next year, the hope of a positive Brexit deal and coronavirus vaccine leads many experts to believe that the worst may be over.
Inflation Falls
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.
The latest round of economic results threw up a couple of surprises, as both inflation and exports from the UK fell more sharply than had been anticipated. With the double threat of Covid-19 and Brexit still present, it could be some time before these numbers get back to normal.
The Report on Inflation
The employment market in the UK continues to suffer as 2020 draws to a close, with the last quarter recording a record high in the number of workers being made jobless. This trend has been put down to the second wave of coronavirus infections and the restrictions that followed on from it.
The Latest Numbers
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.
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.
ACM, established in March 2000, continues to be rated as a credit worthy business by leading providers of commercial credit information and is a member of the International Association of Credit and Collection Professionals.
