{"id":72305,"date":"2020-09-30T11:23:45","date_gmt":"2020-09-30T11:23:45","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72305"},"modified":"2020-09-30T11:23:46","modified_gmt":"2020-09-30T11:23:46","slug":"coronavirus-uk-economy-slumped-by-a-fifth-in-second-quarter","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/coronavirus-uk-economy-slumped-by-a-fifth-in-second-quarter\/","title":{"rendered":"Coronavirus: UK economy slumped by a fifth in second quarter"},"content":{"rendered":"\n

The UK economy suffered a record-breaking collapse in the second quarter, slumping 19.8 per cent as the coronavirus pandemic hammered demand and left swathes of the economy unable to operate.<\/p>\n\n\n\n

Gross domestic product shrank by 19.8 per cent in between April and June, the Office for National Statistics said, slightly less than the initial 20.4 per cent estimate but still more than any other major advanced economy.<\/p>\n\n\n\n

The fall in GDP was the biggest since ONS records began in 1955, with output slumping to its lowest level since 2003. Britain\u2019s economy had already shrunk 2.5 per cent in the first quarter.<\/p>\n\n\n\n

The ONS said that the UK\u2019s economy shrank more in the first half of 2020 than any other G7 nation.<\/p>\n\n\n\n

Output has rebounded in recent months but the recovery looks to be fading with rising coronavirus cases and forecasts of a jump in unemployment as the government scales back job support.<\/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

\u201cThe bulk of the pain of the second quarter\u2019s slump in GDP had been borne by the government rather than households and businesses,\u201d said Capital Economics\u2019 Ruth Gregory.<\/p>\n\n\n\n

\u201cBut with the recovery already flattening off, fiscal support fading and the full scale of the fallout in unemployment yet to be felt, that will change in the second half of 2020,\u201d she added.<\/p>\n\n\n\n

Households saved a record 29.1 per cent of their income in the three months to June, the data showed, compared to 9.6 per cent in the first quarter.<\/p>\n\n\n\n

The increase in savings came as consumers were unable to spend in many shops and restaurants during the lockdown, while many incomes were supported by the furlough scheme, which comes to an end next month.<\/p>\n\n\n\n

\u201cOf course, all this backward-looking news is less important than the timelier data which has suggested the rapid rebound phase has already come to an end in September,\u201d said Gregory.<\/p>\n\n\n\n

\u201cThe renewed Covid-19 restrictions will probably mean that GDP stagnates in the fourth quarter, leaving economic activity marooned 5.5 per cent short of its pre-crisis level. And the risk now is that renewed containment measures send the recovery into reverse.\u201d<\/p>\n\n\n\n

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

The UK economy suffered a record-breaking collapse in the second quarter, slumping 19.8 per cent as the coronavirus pandemic hammered demand and left swathes of the economy unable to operate. Gross domestic product shrank by 19.8 per cent in between April and June, the Office for National Statistics said, slightly less than the initial 20.4 […]<\/p>\n","protected":false},"author":1,"featured_media":72301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2084,2075,2098],"yst_prominent_words":[1268,106,653,1252,1267,1196,233,976],"acf":[],"yoast_head":"\nCoronavirus: UK economy slumped by a fifth in second quarter<\/title>\n<meta name=\"description\" content=\"The UK economy suffered a record-breaking collapse in the second quarter, slumping 19.8 per cent as the coronavirus pandemic hammered demand.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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