{"id":72742,"date":"2021-08-25T08:31:56","date_gmt":"2021-08-25T08:31:56","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72742"},"modified":"2021-08-25T08:31:58","modified_gmt":"2021-08-25T08:31:58","slug":"the-uk-economy-is-on-a-bumpy-road-to-full-recovery","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/the-uk-economy-is-on-a-bumpy-road-to-full-recovery\/","title":{"rendered":"The UK economy is on a bumpy road to full recovery"},"content":{"rendered":"\n

UK economy – The economic effect from Covid-19 wasn\u2019t actually that bad, was it? That may seem an odd thing to ask in an economy that shrank by 25 per cent in little over a month last spring, and whose recovery lags major competitors.<\/p>\n\n\n\n

However, after last week\u2019s bumper GDP growth figures, it isn\u2019t as wide of the mark as you might think.<\/p>\n\n\n\n

In simpler times, the 4.8 per cent quarterly growth we experienced through the spring would be near-enough unprecedented.<\/p>\n\n\n\n

With the economy \u201conly\u201d a little over 2 per cent smaller in June than it was pre-virus, it\u2019s almost guaranteed that the full recovery from the Covid-19 hit will be considerably quicker than after the global financial crisis of 2008.<\/p>\n\n\n\n

Then, GDP took five years to recover; this time it\u2019ll be closer to two.<\/p>\n\n\n\n

The economic charts from the past two years reveal what looks much more like a \u201cV-shape\u201d recovery than many economic commentators had dared predict.<\/p>\n\n\n\n

Yet, it\u2019s too early to pop the Champagne corks. Further strong gains in economic growth will be harder to achieve.<\/p>\n\n\n\n

While the UK will reach pre-Covid levels of activity early next year, it will take much longer for the economy to get back to where it would have been, had the pandemic never happened.<\/p>\n\n\n\n

To find out more about how we can assist you with your Second Charge Mortgage<\/strong> please click here<\/a><\/em><\/p>\n\n\n\n

The biggest challenge will be keeping up confidence; rising optimism amidst a rapid vaccine roll-out undoubtedly helped boost consumer activity last quarter. But the Delta variant \u2013 and the resulting \u201cpingdemic\u201d \u2013 has tested the public\u2019s appetite to shop and socialise.<\/p>\n\n\n\n

People are slightly more reluctant to leave home, if you look at the regular Office for National Statistics (ONS) social survey, and the recent recovery in card spending and transport usage has also stopped firmly in its tracks.<\/p>\n\n\n\n

Worrying headlines about NHS pressure over the winter is only likely to amplify the consumer caution that has crept back in over recent weeks.<\/p>\n\n\n\n

That matters, because as the International Monetary Fund (IMF) argued last year, people\u2019s individual decisions to stay at home have often had a greater effect on economic activity than lockdowns themselves.<\/p>\n\n\n\n

There are other challenges, too, as unemployment is still likely to rise as the furlough scheme ends, despite what the Bank of England forecasts say.<\/p>\n\n\n\n

Pictures of empty supermarket shelves don\u2019t help either. That\u2019s not just a Brexit\/pingdemic problem. Global supply chain disruptions are hitting British producers and pushing up prices. Meanwhile, the Treasury is preparing to dial back economic support over the winter.<\/p>\n\n\n\n

As Boris Johnson keeps telling us we\u2019re not \u201cout of the woods\u201d as far as Covid is concerned, the same is perfectly true for the UK economy.<\/p>\n\n\n\n

By James Smith<\/em><\/p>\n\n\n\n

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

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

UK economy – The economic effect from Covid-19 wasn\u2019t actually that bad, was it? That may seem an odd thing to ask in an economy that shrank by 25 per cent in little over a month last spring, and whose recovery lags major competitors. 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