{"id":72290,"date":"2020-09-25T13:59:09","date_gmt":"2020-09-25T13:59:09","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72290"},"modified":"2020-09-25T13:59:10","modified_gmt":"2020-09-25T13:59:10","slug":"second-local-lockdown-could-cost-london-more-than-2bn","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/second-local-lockdown-could-cost-london-more-than-2bn\/","title":{"rendered":"Second local lockdown could cost London more than \u00a32bn"},"content":{"rendered":"\n

London could face annual costs of more than \u00a32bn if fresh curfew measures are implemented in the capital, according to a new report.<\/p>\n\n\n\n

Leading think tank the Centre for Economics and Business Research (CEBR) today warned that 10pm curfews introduced elsewhere in the UK could reverse the country\u2019s economic recovery if slapped on London venues.<\/p>\n\n\n\n

It predicted that new lockdown restrictions would decimate a return to health for Britain\u2019s pubs and restaurants, and would likely dent the British economy by more than \u00a3250m a day.<\/p>\n\n\n\n

The CEBR added that new restrictions could cause GDP to sink between three and five per cent in the final three months of the year compared with the third quarter, when the UK economy plummeted to its deepest recession on record.<\/p>\n\n\n\n

The think tank said that though a full second national lockdown is unlikely, partial lockdowns may eradicate progress in the hospitality sector brought about by chancellor Rishi Sunak\u2019s Eat Out To Help Out scheme.<\/p>\n\n\n\n

The scheme, which offered diners half price meals from Monday to Wednesday during August, helped shrink UK inflation to 0.2 per cent after providing more than 100,000 discount meals last month.<\/p>\n\n\n\n

To find out more about how we can assist you with your Second Charge Mortgage please click here<\/a><\/em><\/p>\n\n\n\n

Douglas McWilliams, deputy chairman of the CEBR, said that a second national lockdown could \u201cknock the stuffing out of consumer and business confidence\u201d, causing widespread business collapse and unemployment.<\/p>\n\n\n\n

\u201cWhereas the first lockdown was bearable on the assumption that it was temporary, a second lockdown will make many people lose confidence in a recovery in the foreseeable future,\u201d he added.<\/p>\n\n\n\n

McWilliams said the winding down of the furlough scheme \u2014 which sees the UK government pay a portion of workers\u2019 salaries \u2014 may also result in wide scale job losses.<\/p>\n\n\n\n

\u201cTens of thousands of businesses are hanging on by a thread and likely to run out of cash,\u201d he said.<\/p>\n\n\n\n

It comes as London mayor Sadiq Khan over the weekend warned that the capital is only \u201ctwo or three days behind\u201d coronavirus hotspots in the north of England.<\/p>\n\n\n\n

More than 10m people across the UK are currently living with tougher restrictions as the government attempts to clamp down on a new bout of infections sweeping the country.<\/p>\n\n\n\n

Khan said it is \u201cincreasingly likely\u201d that lockdown restrictions will soon be introduced in London, adding that it was his \u201cfirm view\u201d that action should be taken sooner rather than later.<\/p>\n\n\n\n

By Poppy Wood<\/em><\/p>\n\n\n\n

Source: City AM<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

London could face annual costs of more than \u00a32bn if fresh curfew measures are implemented in the capital, according to a new report. Leading think tank the Centre for Economics and Business Research (CEBR) today warned that 10pm curfews introduced elsewhere in the UK could reverse the country\u2019s economic recovery if slapped on London venues. 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