×
2 024
Fashion Jobs
ESTÉE LAUDER
Clinique - Consultant - Leeds, Trinity - Boots - 26 Hours - Part-Time, Permanent
Permanent · Leeds
ESTÉE LAUDER
Clinique - Consultant - Halifax, Harveys - 15 Hours - Part-Time, Permanent
Permanent · Halifax
ESTÉE LAUDER
Aveda - Account Manager - House of Fraser-White City, London - 30 Hours - Full Time, Permanent
Permanent · London
FOREO
E-Key Account Manager
Permanent · London
FOREO
Marketing Manager
Permanent · London
VF INTERNATIONAL
Warehouse Trainer And Instructor
Permanent · COALVILLE
OUTSIDE THE BOX RECRUITMENT
Account Manager Kidswear
Permanent · LONDON
THE KOOPLES
Regional Manager London
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Digital Marketing And e Commerce Manager
Permanent · LONDON
ESTÉE LAUDER
Estee Lauder - Consumer Campaign Email Marketing Executive
Permanent · London
VF INTERNATIONAL
Warehouse Area Manager
Permanent · COALVILLE
NEW BALANCE
Marketing Director, Emea
Permanent · Warrington
EASTPAK
Credit Controller - French Speaking - Eastpak
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - German Speaking - The North Face
Permanent · CALVERTON
CONFIDENTIAL
Regional Manager London
Permanent · LONDON
ESTÉE LAUDER
la Mer - Business Manager - John Lewis, Cribbs Causeway - 37.5 Hours - Full Time, Permanent
Permanent · Bristol
VF INTERNATIONAL
dc Inventory Control Supervisor
Permanent · COALVILLE
ESTÉE LAUDER
Clinique - Consultant - Boots, Enniskillen - 10 Hours - Part Time, Permanent
Permanent · Enniskillen
SHISEIDO
Account Manager Bareminerals - House of Fraser, Cheltenham
Permanent · Cheltenham
ESTÉE LAUDER
Clinique - Consultant - Browns, Beverley - 12 Hours - Part-Time, Permanent
Permanent · Beverley
ESTÉE LAUDER
Clinique - Consultant - Boots, Metro Gateshead - 16 Hours - Part Time, Permanent
Permanent · Gateshead
ESTÉE LAUDER
Clinique - Consultant - Boots, Derby - 10 Hours - Part-Time - Permanent
Permanent · Derby
Advertisements
By
Reuters
Published
Dec 22, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

UK economy saw partial recovery in Q3, recession risks ahead

By
Reuters
Published
Dec 22, 2020

Britain’s economic recovery from its coronavirus crash was quicker than previously thought in the third quarter, according to official data, but new lockdowns are threatening to cause a another recession.


Photo: Reuters



Tuesday’s data also showed government borrowing sped up last month to pay for the mounting cost of the coronavirus crisis.

Gross domestic product grew by a record 16.0% from July to September, revised up from a previous estimate of 15.5%.

But that still did not make up for its 18.8% slump in the second quarter, when much of the economy was shut down.

Britain’s economy was hit harder by the pandemic than most others as it went into a longer lockdown. Only Italy has recorded more deaths in Europe.

Now London and nearby areas are back under tough restrictions as the government tries to slow the spread of a new variant of the virus that spreads more easily.

Capital Economics, a consultancy, said a double-dip recession was a clear possibility if the latest COVID-19 restrictions continue into 2021.

The economy almost ground to a halt in October and is expected to shrink again in the fourth quarter as worries about the Dec. 31 deadline for a Brexit trade deal with the European Union compound the damage from COVID-19.

But Capital Economics said a high savings rate among households “provides optimism that as long as vaccines are effective and widespread, GDP will stage a strong rebound in the second half of next year.”

Tuesday’s data showed the economy was 8.6% below where it was at the end of 2019.

It also showed household incomes grew in the third quarter as workers returned from temporary layoffs. Consumer spending rose by almost 20%.

The Office for National Statistics also said Britain borrowed a record 241 billion pounds ($323 billion) in the first eight months of the financial year, nearly 190 billion pounds more than in the same period a year earlier.

Borrowing in November alone reached 31.6 billion pounds, up more than 40% from October as the government extended its job- retention scheme to cover workers hit by the latest lockdowns.

The deficit is on course to widen to about 400 billion pounds in the 2020/21 year, close to 20% of GDP, double the hit from the global financial crisis.

Public debt stood at almost 2.1 trillion pounds or 99.5% of GDP, the highest ratio since 1962.

Finance minister Rishi Sunak reiterated his pledge to tackle the huge shortfall, but not immediately.

“When our economy recovers, it’s right that we take the necessary steps to put the public finances on a more sustainable footing,” he said.

The International Monetary Fund has said Britain will probably need to raise taxes after the pandemic to fill the gap.

Britain’s current account deficit - one of the economy’s weak spots - widened to 15.7 billion pounds, or 2.9% of GDP.

© Thomson Reuters 2021 All rights reserved.

Tags :
Others
Industry