{"id":72360,"date":"2020-11-16T13:03:10","date_gmt":"2020-11-16T13:03:10","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72360"},"modified":"2020-11-16T13:03:12","modified_gmt":"2020-11-16T13:03:12","slug":"disappointing-gdp-figures-show-uk-recovery-lost-momentum-ahead-of-second-lockdown","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/disappointing-gdp-figures-show-uk-recovery-lost-momentum-ahead-of-second-lockdown\/","title":{"rendered":"Disappointing GDP figures show UK recovery lost momentum ahead of second lockdown"},"content":{"rendered":"\n

UK GDP grew by a record quarterly amount in the three months to September, but failed to make up for its historic slump the previous quarter as Covid-19 brought large swathes of the economy to a halt.<\/p>\n\n\n\n

The UK economy grew by a record 15.5 per cent in the third quarter, the Office for National Statistics said, but the rebound fell short of expectations as the economy struggled to maintain its recovery.<\/p>\n\n\n\n

The record-breaking third-quarter growth in UK GDP is below the 15.8 per cent expansion forecast by economists, but is the largest quarterly growth ever recorded in the UK economy.<\/p>\n\n\n\n

The growth in the three months to September follows a record-breaking slump of 19.8 per cent in June, as the coronavirus pandemic and subsequent lockdown measures brought large swathes of the UK economy to a halt.<\/p>\n\n\n\n

UK GDP grew by a slower-than-expected 1.1 per cent in September even before the latest restrictions on businesses were introduced, ONS data showed. Economists polled by Reuters had forecast a 1.5 per cent expansion for the month.<\/p>\n\n\n\n

\u201cGDP probably won\u2019t return to September\u2019s level until the spring,\u201d said Samuel Tombs of Pantheon Macroeconomics.<\/p>\n\n\n\n

\u201cGDP still was 8.6 per cent below its January 2020 peak in September, even though virtually all businesses had resumed trading and Covid-19 restrictions were light touch back then,\u201d he continued.<\/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

Tombs added that he expects the introduction of a second national lockdown in England to lead to a contraction in GDP in the final quarter of 2020.<\/p>\n\n\n\n

\u201cOn a monthly basis,\u201d he continued, \u201cit probably won\u2019t recover to September\u2019s level until the spring, when it should be possible for Covid-19 restrictions to be sustainably relaxed.\u201d<\/p>\n\n\n\n

Responding to the GDP figures, Bank of England governor Andrew Bailey said there was still a \u201chuge gap\u201d in the economy, but added that news of a potential effective Covid-19 vaccine would help lift economic uncertainty.<\/p>\n\n\n\n

Last week, the Bank said the world\u2019s sixth-biggest economy was likely to shrink by a record 11 per cent in 2020 before growing by just over seven per cent in 2021.<\/p>\n\n\n\n

The International Monetary Fund has forecast a 10.4 per cent slump in UK GDP for 2020 and growth of 5.7 per cent the following year.<\/p>\n\n\n\n

However, news of a potentially effective Covid-19 vaccine has since emerged, raising hopes that next year\u2019s recovery could be stronger than the BoE\u2019s or IMF\u2019s forecasts.<\/p>\n\n\n\n

Chancellor Rishi Sunak said the figures \u201cshow that our economy was recovering over the Summer, but started to slow going into Autumn\u201d.<\/p>\n\n\n\n

Sunak added that the measures the government has since taken to curb the spread of Covid-19 \u201cmean growth has likely slowed further since then\u201d.<\/p>\n\n\n\n

\u201cWhile there was confirmation that the UK exited recession, the historically strong headline figure masks a loss of momentum through the quarter, as the temporary boost from the release of pent-up demand as the economy reopened gradually faded,\u201d said Suren Thiru, head of economics at the British Chambers of Commerce.<\/p>\n\n\n\n

\u201cWith output still well short of pre-crisis levels there was little sign of a \u2018V\u2019-shaped recovery even before the latest lockdown,\u201d he added.<\/p>\n\n\n\n

By Anna Menin<\/em><\/p>\n\n\n\n

Source: City AM<\/a><\/p>\n\n\n\n

Discover our Mortgage Broker<\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

UK GDP grew by a record quarterly amount in the three months to September, but failed to make up for its historic slump the previous quarter as Covid-19 brought large swathes of the economy to a halt. 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