{"id":72462,"date":"2021-02-10T09:25:02","date_gmt":"2021-02-10T09:25:02","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72462"},"modified":"2021-02-10T09:25:03","modified_gmt":"2021-02-10T09:25:03","slug":"dont-expect-sharp-post-covid-rebound-for-uk-economy-warn-niesr-economists","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/dont-expect-sharp-post-covid-rebound-for-uk-economy-warn-niesr-economists\/","title":{"rendered":"Don’t expect sharp post-Covid rebound for UK economy, warn Niesr economists"},"content":{"rendered":"\n

The UK economy will grow by little more than three per centin 2021 after a 10 per cent slump last year, with a double-whammy from Covid and Brexit likely to be felt for years.<\/p>\n\n\n\n

Leading economists at the National Institute of Economic and Social Research (Niesr) are also pushing chancellor Rishi Sunak to raid the coffers once more for extra emergency 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

Niesr slashed its growth forecast for 2021 to 3.4 per cent from a previous estimate of 5.9 per cent, after taking into account the UK\u2019s third lockdown and Covid-19 wave.<\/p>\n\n\n\n

It\u2019ll be 2023 before the UK economy returned to pre-Covid levels, it said.<\/p>\n\n\n\n

Last week, the Bank of England said it expected that to happen in the first quarter of next year.<\/p>\n\n\n\n

\u201cDespite the roll-out of vaccines, Covid-19 will have long-lasting economic effects,\u201d Niesr\u2019s deputy director Hande Kucuk said today.<\/p>\n\n\n\n

By 2025, the UK\u2019s economy was likely to be about six per cent smaller than expected before the pandemic, reflecting higher unemployment, weaker business investment and Britain\u2019s more restricted trading relationship with the European Union.<\/p>\n\n\n\n

Sunak \u2013 who has promised to spend \u00a3280bn on the UK Covid-19 response this financial year, taking the budget deficit to a peacetime high \u2013 is due to announce his plans for the next 12 months in a budget statement on 3 March.<\/p>\n\n\n\n

By Josh Martin<\/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":"

The UK economy will grow by little more than three per centin 2021 after a 10 per cent slump last year, with a double-whammy from Covid and Brexit likely to be felt for years. 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