{"id":72849,"date":"2021-11-24T08:17:35","date_gmt":"2021-11-24T08:17:35","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72849"},"modified":"2021-11-24T08:17:36","modified_gmt":"2021-11-24T08:17:36","slug":"uk-economic-bounce-back-to-weaken","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/uk-economic-bounce-back-to-weaken\/","title":{"rendered":"UK economic bounce-back to weaken, analysts say"},"content":{"rendered":"\n

The United Kingdom\u2019s economic recovery from the coronavirus pandemic slowed between July and September and is expected to be weaker than previously predicted in the coming months, largely because of supply-chain problems and higher energy costs.<\/p>\n\n\n\n

Official figures from the Office for National Statistics, or ONS, show consumer spending increased as the UK emerged from pandemic-battling lockdowns, but other sectors of the economy shrank disappointingly.<\/p>\n\n\n\n

Overall, growth during the three-month period stood at 1.3 percent, which was well down on the 5.5 percent recorded between April and June. The slowdown leaves the UK economy 2.1 percent smaller today than in the final quarter of 2019.<\/p>\n\n\n\n

Grant Fitzner, chief economist at the ONS, told the BBC the service-sector growth was largely down to a tax holiday for property purchases.<\/p>\n\n\n\n

\u201cHowever, these were partially offset by falls in both the manufacture and sale of cars,\u201d he said.<\/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 Guardian newspaper reported on Monday that EY Item Club had used the results, and other data, to predict the \u201ctougher\u201d part of the UK\u2019s economic recovery is yet to happen.<\/p>\n\n\n\n

EY said in its autumn forecasts there will be \u201chigher and more sustained inflation\u201d in the coming months, with rises in energy prices and supply chain disruption denting previous estimates.<\/p>\n\n\n\n

EY said the UK\u2019s GDP could rise by 6.9 percent this year, instead of the 7.6 percent it had expected. GDP fell by almost 10 percent last year. And EY said GDP growth in 2022 could run at 5.6 percent, instead of the 6.5 percent it had previously predicted.<\/p>\n\n\n\n

Martin Beck, chief economic adviser to EY Item Club, told The Guardian: \u201cWith the boost from reopening the economy now largely passed, the UK was always expected to enter a tougher phase of the recovery. \u2026Although inflation looks like it\u2019ll peak higher\uff0dand stay higher for longer\uff0dthan first anticipated, it doesn\u2019t look like this will tip into \u2018stagflation\u2019; the combination of sluggish growth and persistent high inflation.\u201d<\/p>\n\n\n\n

But EY did have some good news. It said unemployment will likely run at 4.3 percent in the final quarter, instead of the 5.1 percent it had previously predicted.<\/p>\n\n\n\n

Sky News added on Monday that recent disappointing economic data and a lack of investment had led the head of the Confederation of British Industry, or CBI, to say the British economy now feels second-rate.<\/p>\n\n\n\n

Tony Danker said in a speech on Monday at the CBI\u2019s annual conference that the government must find ways to deliver economic growth to all parts of the nation. \u201cI don\u2019t know a country in the world\u2026 where governments aren\u2019t active in economic geography,\u201d he said in an apparent swipe at London\u2019s decision to cancel part of a planned upgrade of railway lines in the North of England.<\/p>\n\n\n\n

Source: Hellenic Shipping News<\/a><\/p>\n\n\n\n

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

The United Kingdom\u2019s economic recovery from the coronavirus pandemic slowed between July and September and is expected to be weaker than previously predicted in the coming months, largely because of supply-chain problems and higher energy costs. 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