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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 Second Lockdown Appears to be Less Damaging to UK Economy

As the country battles to get through the second wave of coronavirus infections, new data suggests that the restrictions currently in place are proving to be less damaging to the economy than the spring lockdown.

The Early Signs

A range of different indicators show us that economic activity has been less badly affected than during the earlier lockdown. These include the number of people going to work and the volume of heavy goods traffic around the country.

UK Employment Falls Sharply but Vaccine Hopes Boost Markets

The hopes that a coronavirus vaccine will be available by the end of 2020 has led to the financial markets receiving a boost that led to rising share prices. Yet, the latest employment news is less promising, with a dramatic fall in the number of people in work.

The Employment Details

This information comes from the Office for National Statistics (ONS), who report that the number of people in employment dropped by 247,000 in the period from July to September when compared to the same months last year.

The Bank of England Keep Interest Rates Steady and the Furlough Scheme Is Extended Again

The return to lockdown restrictions in the UK has led to fresh predictions of the amount of economic damage being made. What do the Bank of England (BoE) experts think about it and how is the furlough scheme going to be extended to help people cope?

What Does the BoE Think?

A Look at the UK Jobs Market as Furlough Comes to and End

With the UK’s furlough scheme coming to an end this weekend, a look at the UK jobs market reveals the damage that has been done to it due to the coronavirus pandemic and the lockdown.

The Unemployment Rate Has Grown

The furlough scheme has largely done its job of protecting workers during this period, but the figures show that the unemployment rate has risen during the crisis, to a total of 4.5% by August. This compares to 3.8% before the pandemic struck, which was the lowest it had been in four decades.