{"id":72408,"date":"2020-12-29T15:41:11","date_gmt":"2020-12-29T15:41:11","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72408"},"modified":"2020-12-29T15:41:12","modified_gmt":"2020-12-29T15:41:12","slug":"uk-economy-may-be-6-smaller-in-early-2021-than-initially-forecast","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-may-be-6-smaller-in-early-2021-than-initially-forecast\/","title":{"rendered":"UK economy may be 6% smaller in early 2021 than initially forecast"},"content":{"rendered":"\n<p>The UK economy could be up to 6% weaker in early 2021 than expected in initial forecasts.<\/p>\n\n\n\n<p>The latest report from the Resolution Foundation found that due to the new Covid-19 restrictions to stop the rising infection rate it is likely that the country\u2019s economy for 2021 will be negatively impacted.<\/p>\n\n\n\n<p>The report said that the duration of those restrictions will determine the effect on the economy.<\/p>\n\n\n\n<p>The report said that a possible path for the economy, takes the Office for Budget Responsibility\u2019s November forecast and assumes that monthly output remains at its November level (reflecting the fact that Tier 4 is the equivalent of repeating the second lockdown) until Easter before returning to its forecast path (which included the impact of some ongoing restrictions).<\/p>\n\n\n\n<p>This would see the economy being 6% smaller by Easter than forecast by the OBR just last month and reduce growth for 2021 as a whole from 5.5% to 4.3%.<\/p>\n\n\n\n<p><em>To find out more about how we can assist you with your Second Charge Mortgage please <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/contact-us\/\" target=\"_blank\">click here<\/a><\/em><\/p>\n\n\n\n<p>Sectors reliant on social consumption, specifically hospitality, leisure and non-essential retail, will remain hardest hit and government support should be focused on them, said the Resolution Foundation report.<\/p>\n\n\n\n<p>The thinktank also said that widespread vaccination in 2021 would lead to a swift drop in deaths from coronavirus and enable a gradual return to normality. It assumes that those over 65 will be vaccinated by Easter.<\/p>\n\n\n\n<p>The report said spending will bounce back very quickly once normality is achieved and it should lead to a big labour market boost. The report believes this improvement will be noticeable towards the second half of 2021.<\/p>\n\n\n\n<p>Nevertheless, \u201c2021 is going to be a rough ride. The early months of the year will try the patience of a nation fatigued by the trauma that was 2020. And with unemployment rising and incomes possibly falling in 2021, it certainly won\u2019t be roaring for everyone\u201d, said the report.<\/p>\n\n\n\n<p><em>By Caoimhe Toman<\/em><\/p>\n\n\n\n<p>Source: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.sharecast.com\/news\/news-and-announcements--\/uk-economy-may-be-6-smaller-in-early-2021-than-initially-forecast--7761768.html\" target=\"_blank\">ShareCast<\/a><\/p>\n\n\n\n<p><em>Discover our <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/\" target=\"_blank\">Mortgage Broker<\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The UK economy could be up to 6% weaker in early 2021 than expected in initial forecasts. The latest report from the Resolution Foundation found that due to the new Covid-19 restrictions to stop the rising infection rate it is likely that the country\u2019s economy for 2021 will be negatively impacted. The report said that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2084,2075],"yst_prominent_words":[1252,1125,33,1209],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v14.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK economy may be 6% smaller in early 2021 than initially forecast<\/title>\n<meta name=\"description\" content=\"The UK economy could be up to 6% weaker in early 2021 than expected in initial forecasts.\" \/>\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, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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