{"id":72498,"date":"2021-03-05T11:11:55","date_gmt":"2021-03-05T11:11:55","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72498"},"modified":"2021-03-05T11:11:56","modified_gmt":"2021-03-05T11:11:56","slug":"uk-economy-pre-covid-levels-2022","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-pre-covid-levels-2022\/","title":{"rendered":"UK economy to return to pre-Covid levels by middle of 2022"},"content":{"rendered":"\n

The UK economy is forecast to return to pre-Covid levels by the middle of 2022, with growth of 7.3% next year, according to UK chancellor Rishi Sunak.<\/p>\n\n\n\n

The chancellor also forecast an economic rebound this year, with predicted annual growth of 4%.<\/p>\n\n\n\n

But the stark impact of the impact of the pandemic includes a 10% shrinking of the UK economy in 2020 and 700,000 job losses since the start of the pandemic \u2013 with unemployment set to peak at 6.5% in 2022.<\/p>\n\n\n\n

The government\u2019s Furlough scheme is being extended to the end of September, with employers being asked to contribute 10% in July and 20% in August and September.<\/p>\n\n\n\n

The Builders Merchant Federation (BMF) said the Budget \u201clargely struck the right notes in continued support for business\u201d.<\/p>\n\n\n\n

John Newcomb, CEO of the Builders Merchants Federation, praised the chancellor for supporting small businesses via the Furlough scheme and business rate discounts.<\/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

\u201cSimilar extensions to self-employment grants will help small builders and other trades who form the main merchant customer base and ensure they are still in business to service the needs of homeowners helped by the new government-backed mortgage guarantee scheme and the extension of the Stamp Duty Holiday,\u201d he said.<\/p>\n\n\n\n

He also welcomed the announcement of a new UK Infrastructure Bank as a sign of the chancellor looking to the construction industry to help drive economic recovery.<\/p>\n\n\n\n

The Bank in Leeds will have \u00a312bn in capital, with the aim of funding \u00a340bn worth of public and private projects.<\/p>\n\n\n\n

Mr Newcomb did however express disappointment at the lack of a National Retrofit Strategy.<\/p>\n\n\n\n

\u201cThis would not only upgrade the country\u2019s housing stock to the highest levels of energy efficiency, but would also provide a platform to upskill the building trade with skills required both to retrofit existing homes and build low carbon new homes, helping to achieve the Government\u2019s Net Zero ambition.\u201d<\/p>\n\n\n\n

Other points in the Budget include:<\/p>\n\n\n\n

\u2022 Stamp duty holiday on house purchases in England and Northern Ireland being extended to June 30<\/p>\n\n\n\n

\u2022 Tax breaks for firms to “unlock” \u00a320bn worth of business investment<\/p>\n\n\n\n

\u2022 \u00a35bn in restart grants for shops and other businesses in England forced to close<\/p>\n\n\n\n

\u2022 Business rates holiday for firms in England to continue until June with 75% discount after that<\/p>\n\n\n\n

\u2022 Corporation tax on company profits above \u00a3250,000 to rise from 19% to 25% in April 2023<\/p>\n\n\n\n

Source: TTJ<\/a><\/p>\n\n\n\n

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

The UK economy is forecast to return to pre-Covid levels by the middle of 2022, with growth of 7.3% next year, according to UK chancellor Rishi Sunak. The chancellor also forecast an economic rebound this year, with predicted annual growth of 4%. 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