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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."

Around 50% of Financial Services Workers in the UK Want to Continue Working from Home

A report carried out by the Financial Services Skills Commission and KPMG has shown that around half of the UK’s workers in the financial services industry would like to carry on working remotely for at least part of the week once the pandemic is over.

Details of the Study

The research found that this industry was able to react swiftly to the lockdown imposed in March this year, as 78% of financial services employees started to work from home.

UK Retail Sales Drops and Young People More Affected By Job Losses

The CBI has recently confirmed falling retail numbers for October, leading to suggestions that the economic recovery from the initial lockdown could be stalling. Meanwhile, there is growing evidence that the employment crisis is hitting younger workers hardest.

The Figures from the CBI

The distributive trades survey in October shows the largest drop in retail sales since June, with this month weaker than expected. Among the sectors where a drop was noted were department stores, clothes retailers and non-food stores.

A No-Deal Brexit will Add to Covid Woes in the UK

The Organisation for Economic Co-operation and Development (OECD) has warned that Brexit with no trade agreement in place will add to the economic woes that the UK has suffered this year, as the country attempts to recover from the coronavirus pandemic.

What Did They Say?

The Paris-based think tank pointed out that the lack of a deal would make the British economy shrink by 6.5%. They pointed out that the chaos caused by the pandemic will make a disorderly Brexit even more awkward, as businesses aren’t as prepared for the period of transition as they should be.

UK Unemployment Rate Grows By 4.5%

The effect of the coronavirus pandemic on the British economy continues to be felt, as the latest figures show the unemployment rate is at its highest in more than three years. A rise of 4.5% has caused concern, although recent growth in the number of vacancies gives some cause for optimism.

The Numbers in Full

BoE Chief Warns Against Pessimism

Andy Haldane, who is chief economist at the Bank of England (BoE), has pointed out the dangers of pessimism during the current crisis. This comes as it was revealed that the country´s Gross Domestic Product (GDP) fell by slightly less than predicted.

The Latest Numbers

These comments followed the Office for National Statistics (ONS) revising their estimate of the amount the British economy has shrunk by. The ONS now says that it contracted by 19.8% in the second quarter of 2020, while their initial estimate had been for a 20.4% slump.

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