{"id":72653,"date":"2021-06-11T08:12:04","date_gmt":"2021-06-11T08:12:04","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72653"},"modified":"2021-06-11T08:12:06","modified_gmt":"2021-06-11T08:12:06","slug":"delay-ending-lockdown-hit-uk-economic-recovery","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/delay-ending-lockdown-hit-uk-economic-recovery\/","title":{"rendered":"Delay to ending lockdown would hit UK economic recovery"},"content":{"rendered":"\n<p>A delay to the planned lifting of lockdown on June 21 would \u201cmaterially\u201d hamper UK economic recovery from the pandemic, a major business group has warned.<\/p>\n\n\n\n<p>The British Chambers of Commerce (BCC) said the economy is in a \u201ctemporary sweet spot\u201d, but there would be a big threat to the outlook from any Government move to push back the lockdown road map, as well as from rising inflation.<\/p>\n\n\n\n<p>It cautioned this could derail the current rebound, which the BCC predicts will see the UK economy grow by 6.8% this year \u2013 the strongest since official records began.<\/p>\n\n\n\n<p>The biggest spending surge since 1988 is set to help the UK economy recover from a 1.5% contraction in the first quarter to grow by 4.1% between April and June as lockdown restrictions lift, according to the group.<\/p>\n\n\n\n<p>Pent-up demand from Britons with savings built up in lockdown is set to see the economy continue growing by 3.5% in the third quarter, before easing back to 1.1% in the final three months.<\/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<blockquote class=\"wp-block-quote\"><p>The squeeze on activity and the damage to confidence from a marked delay to the full lifting of restrictions or further restrictions to combat Covid variants would materially slow the recovery<\/p><cite>Suren Thiru, BCC head of economics<\/cite><\/blockquote>\n\n\n\n<p>The BCC said this will be largely driven by a 5.5% rise in consumer spending in 2021 \u2013 the strongest for 33 years \u2013 while business investment will surge by 4.1%.<\/p>\n\n\n\n<p>But it warned over the risks from inflation and ongoing restrictions.<\/p>\n\n\n\n<p>The economic rebound will also be uneven across sectors and for different people, with the BCC adding that trade will suffer from post-Brexit disruption.<\/p>\n\n\n\n<p>Suren Thiru, head of economics at the BCC, said: \u201cThe risks to the outlook are on the downside.<\/p>\n\n\n\n<p>\u201cA more significant surge in inflation would weigh on a consumer-led revival by eroding their spending power.<\/p>\n\n\n\n<p>\u201cThe squeeze on activity and the damage to confidence from a marked delay to the full lifting of restrictions or further restrictions to combat Covid variants would materially slow the recovery.\u201d<\/p>\n\n\n\n<p>The BCC forecasts inflation \u2013 currently at 1.5% \u2013 will jump to a three-year high of 2.6% in the third quarter of 2021, but should ease back to the 2% target in the second quarter of next year.<\/p>\n\n\n\n<p>The BCC also raised worries over youth unemployment, with job prospects for young people set to suffer the most from the pandemic.<\/p>\n\n\n\n<p>While it forecasts the wider rate of unemployment to peak at 6% in 2021 thanks to furlough support, the BCC expects the youth unemployment rate to soar to 15.6% once the scheme ends.<\/p>\n\n\n\n<p>Hannah Essex, co-executive director of the BCC, said: \u201cYoung people now entering the workforce and those who lost jobs during the pandemic are at particular risk of longer-term unemployment.<\/p>\n\n\n\n<p>\u201cAs the economy emerges from the pandemic, we need to create a dynamic and flexible skills system that\u202fmeets the needs of local employers and supports individuals looking to return to the jobs market.\u201d<\/p>\n\n\n\n<p>Source: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.itv.com\/news\/2021-06-09\/delay-to-ending-lockdown-would-hit-uk-economic-recovery--business-group\" target=\"_blank\">iTV<\/a><\/p>\n\n\n\n<p><em>Discover our <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/\" target=\"_blank\">Second Charge Mortgage Broker<\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A delay to the planned lifting of lockdown on June 21 would \u201cmaterially\u201d hamper UK economic recovery from the pandemic, a major business group has warned. The British Chambers of Commerce (BCC) said the economy is in a \u201ctemporary sweet spot\u201d, but there would be a big threat to the outlook from any Government move [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72301,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2164,2124,2075],"yst_prominent_words":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v14.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK economic recovery would be hit by the delay to ending lockdown<\/title>\n<meta name=\"description\" content=\"A delay to the planned lifting of lockdown on June 21 would \u201cmaterially\u201d hamper UK economic recovery from the pandemic, a major business group has warned.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, 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