{"id":72584,"date":"2021-04-29T09:56:24","date_gmt":"2021-04-29T09:56:24","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72584"},"modified":"2021-04-29T09:56:27","modified_gmt":"2021-04-29T09:56:27","slug":"uk-economy-set-to-grow-fastest-rate","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-set-to-grow-fastest-rate\/","title":{"rendered":"UK economy set to grow at fastest rate this year"},"content":{"rendered":"\n

The UK economy is set to grow at its fastest rate on record this year, experts have predicted.<\/p>\n\n\n\n

The EY Item Club has upgraded its 2021 growth forecast from 5% to 6.8%, which would mark the fastest rate since official records began.<\/p>\n\n\n\n

Chief economic advisor Howard Archer said the economy had \u201cproven to be more resilient than seemed possible\u201d.<\/p>\n\n\n\n

The vaccine rollout and relaxed restrictions had helped the recovery, it said.<\/p>\n\n\n\n

The UK\u2019s GDP, which measures all the activity of companies, governments and individuals in the economy, shrank by a record 9.9% last year as coronavirus restrictions hit output, according to the Office for National Statistics.<\/p>\n\n\n\n

But EY expects that the UK economy will return to its pre-pandemic size in the second quarter of 2022 \u2013 three months earlier than previously forecast.<\/p>\n\n\n\n

Item Club economists also revised down their unemployment forecasts. The rate is now expected to reach 5.8% towards the end of this year, down from the 7% predicted in January.<\/p>\n\n\n\n

Mr Archer said that the latest forecast suggested the economy would \u201cemerge from the pandemic with much less long-term \u2018scarring\u2019 than was originally envisaged and looks set for a strong recovery over the rest of the year and beyond\u201d.<\/p>\n\n\n\n

He added : \u201cWhile restrictions have caused disruption, lessons learned over the last 12 months have helped minimise the economic impact.\u201d<\/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

Figures released on Monday by Deloitte also suggest that the UK could be on track for a faster economic bounceback than previously thought.<\/p>\n\n\n\n

Consumer confidence increased at the fastest rate in a decade in the first three months of 2021, according to its survey of 3,000 adults between 19 and 22 March.<\/p>\n\n\n\n

Confidence rose by six percentage points to -11%, the Deloitte consumer tracker found.<\/p>\n\n\n\n

\u201cGoing to a shop\u201d topped the list of leisure activities people are most likely to do after lockdown, with 6 in 10 saying they plan to return within a month of restrictions lifting.<\/p>\n\n\n\n

Ian Stewart, chief economist at Deloitte, said: \u201cThe UK is primed for a sharp snap back in consumer activity.<\/p>\n\n\n\n

\u201cHigh levels of saving, the successful vaccination rollout and the easing of the lockdown set the stage for a surge in spending over the coming months.\u201d<\/p>\n\n\n\n

In England and Wales, non-essential retail was allowed to reopen on 12 April.<\/p>\n\n\n\n

Shops in Scotland will be allowed to reopen fully from Monday, while Northern Ireland is due to see non-essential retail reopen on 30 April.<\/p>\n\n\n\n

Separate research published last Friday suggested that the recent easing of lockdown measures had triggered a surge in activity among UK firms.<\/p>\n\n\n\n

A closely watched survey, produced by IHS Markit\/CIPS, indicated that the looser restrictions had led to the fastest UK private sector growth since late 2013.<\/p>\n\n\n\n

The IHS Markit\/CIPS Purchasing Managers\u2019 Index (PMI) rose to 60 in April, according to initial findings, up from 56.4 in March. Any figure above 50 indicates expansion.<\/p>\n\n\n\n

The service sector grew faster than manufacturing for the first time since the Covid crisis began, the survey found, largely down to the reopening of non-essential shops seen in April.<\/p>\n\n\n\n

Source: Hellenic Shipping News<\/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 set to grow at its fastest rate on record this year, experts have predicted. The EY Item Club has upgraded its 2021 growth forecast from 5% to 6.8%, which would mark the fastest rate since official records began. 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