{"id":72689,"date":"2021-07-02T07:57:43","date_gmt":"2021-07-02T07:57:43","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72689"},"modified":"2021-07-02T07:57:45","modified_gmt":"2021-07-02T07:57:45","slug":"uk-economy-contracted-by-16","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economy-contracted-by-16\/","title":{"rendered":"UK economy contracted by 1.6% as people saved at record levels, figures show"},"content":{"rendered":"\n<p>UK economy suffered a bigger hit than first thought between January and March as the coronavirus lockdown took its toll and households saved at record levels, according to official figures.<\/p>\n\n\n\n<p>The Office for National Statistics (ONS) said gross domestic product (GDP) \u2013 a measure of the size of the economy \u2013 contracted by 1.6% in the first quarter, compared with the previous estimate of 1.5%.<\/p>\n\n\n\n<p>This means GDP was 8.8% below its pre-pandemic levels at the start of the year, against the 8.7% initial estimate.<\/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>The ONS said households slashed their spending and instead piled cash into savings, with the household saving ratio increasing to 19.9%, compared with 16.1% in the previous three months.<\/p>\n\n\n\n<p>It is the second highest figure on record, beaten only by the 25.9% seen in the second quarter of 2020.<\/p>\n\n\n\n<p>Jonathan Athow, deputy national statistician at the ONS, said: \u201cToday\u2019s updated GDP figures show the same picture as our earlier estimate, with schools, hospitality and retail all hit by the reimposition of the lockdown in January and February, with some recovery in March.<\/p>\n\n\n\n<p>\u201cWith many services unavailable, households again saved at record levels with only last spring seeing more saved.\u201d<\/p>\n\n\n\n<p>Source: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.itv.com\/news\/2021-06-30\/uk-economy-contracted-by-16-as-people-saved-at-record-levels-figures-show\" 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>UK economy suffered a bigger hit than first thought between January and March as the coronavirus lockdown took its toll and households saved at record levels, according to official figures. The Office for National Statistics (ONS) said gross domestic product (GDP) \u2013 a measure of the size of the economy \u2013 contracted by 1.6% in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[2079],"tags":[2192,2075,2098],"yst_prominent_words":[1252,1707,121,435,1194,1193,485],"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 contracted by 1.6% as people saved at record levels<\/title>\n<meta name=\"description\" content=\"UK economy suffered a bigger hit than first thought between January and March as the lockdown took its toll and households saved at record levels.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, 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