{"id":72397,"date":"2020-12-23T13:38:16","date_gmt":"2020-12-23T13:38:16","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72397"},"modified":"2020-12-23T13:38:18","modified_gmt":"2020-12-23T13:38:18","slug":"uk-economy-saw-partial-recovery-in-q3-recession-risks-ahead","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-saw-partial-recovery-in-q3-recession-risks-ahead\/","title":{"rendered":"UK economy saw partial recovery in Q3, recession risks ahead"},"content":{"rendered":"\n

Britain\u2019s economic recovery from its coronavirus crash was quicker than previously thought in the third quarter, according to official data, but new lockdowns are threatening to cause a another recession.<\/p>\n\n\n\n

Tuesday\u2019s data also showed government borrowing sped up last month to pay for the mounting cost of the coronavirus crisis.<\/p>\n\n\n\n

Gross domestic product grew by a record 16.0% from July to September, revised up from a previous estimate of 15.5%.<\/p>\n\n\n\n

But that still did not make up for its 18.8% slump in the second quarter, when much of the economy was shut down.<\/p>\n\n\n\n

Britain\u2019s economy was hit harder by the pandemic than most others as it went into a longer lockdown. Only Italy has recorded more deaths in Europe.<\/p>\n\n\n\n

Now London and nearby areas are back under tough restrictions as the government tries to slow the spread of a new variant of the virus that spreads more easily.<\/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

Capital Economics, a consultancy, said a double-dip recession was a clear possibility if the latest COVID-19 restrictions continue into 2021.<\/p>\n\n\n\n

The economy almost ground to a halt in October and is expected to shrink again in the fourth quarter as worries about the Dec. 31 deadline for a Brexit trade deal with the European Union compound the damage from COVID-19.<\/p>\n\n\n\n

But Capital Economics said a high savings rate among households \u201cprovides optimism that as long as vaccines are effective and widespread, GDP will stage a strong rebound in the second half of next year.\u201d<\/p>\n\n\n\n

Tuesday\u2019s data showed the economy was 8.6% below where it was at the end of 2019.<\/p>\n\n\n\n

It also showed household incomes grew in the third quarter as workers returned from temporary layoffs. Consumer spending rose by almost 20%.<\/p>\n\n\n\n

The Office for National Statistics also said Britain borrowed a record 241 billion pounds ($323 billion) in the first eight months of the financial year, nearly 190 billion pounds more than in the same period a year earlier.<\/p>\n\n\n\n

Borrowing in November alone reached 31.6 billion pounds, up more than 40% from October as the government extended its job- retention scheme to cover workers hit by the latest lockdowns.<\/p>\n\n\n\n

The deficit is on course to widen to about 400 billion pounds in the 2020\/21 year, close to 20% of GDP, double the hit from the global financial crisis.<\/p>\n\n\n\n

Public debt stood at almost 2.1 trillion pounds or 99.5% of GDP, the highest ratio since 1962.<\/p>\n\n\n\n

Finance minister Rishi Sunak reiterated his pledge to tackle the huge shortfall, but not immediately.<\/p>\n\n\n\n

\u201cWhen our economy recovers, it\u2019s right that we take the necessary steps to put the public finances on a more sustainable footing,\u201d he said.<\/p>\n\n\n\n

The International Monetary Fund has said Britain will probably need to raise taxes after the pandemic to fill the gap.<\/p>\n\n\n\n

Britain\u2019s current account deficit – one of the economy\u2019s weak spots – widened to 15.7 billion pounds, or 2.9% of GDP.<\/p>\n\n\n\n

($1 = 0.7462 pounds)<\/p>\n\n\n\n

Reporting by Andy Bruce<\/em><\/p>\n\n\n\n

Source: UK Reuters<\/a><\/p>\n\n\n\n

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Britain\u2019s economic recovery from its coronavirus crash was quicker than previously thought in the third quarter, according to official data, but new lockdowns are threatening to cause a another recession. Tuesday\u2019s data also showed government borrowing sped up last month to pay for the mounting cost of the coronavirus crisis. 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