The Bank of England has predicted that the country is heading for a recession that could last two years. (Subscribe: The latest GDP figures seemed to confirm those fears. The UK's total economic production in September fell by 0.6% - partly due to the widespread closures for the Queen's funeral. ----------------------- Follow us on Instagram - ...(read more)
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The UK is preparing for a two-year recession after the economy shrank again. According to the Office for National Statistics (ONS), the economy contracted by 2% in the first quarter of 2021, largely due to the lockdown measures and the impact of Brexit. The ONS attributed the decline to a fall in consumer spending and business investment, as well as a drop in exports due to disruptions at ports after the UK left the EU. The service sector, which accounts for around 80% of the UK economy, was hit particularly hard. Some experts believe that the UK is now on course for a double-dip recession, with GDP not expected to return to pre-pandemic levels until at least 2022. This is despite the government's efforts to protect businesses and jobs through measures such as furlough and business support loans. The UK's exit from the EU is also likely to have a significant impact on the economy in the coming years. With trade barriers and increased bureaucracy, businesses are likely to face higher costs and reduced profitability. This could lead to a further decline in investment and job losses in certain sectors. To prepare for the impending recession, the government is expected to implement a range of measures, including increased spending on infrastructure projects and targeted support for businesses that have been hit hardest by the pandemic. The Bank of England is also likely to keep interest rates low in order to stimulate the economy, although this could lead to inflationary pressures in the long term. The UK has weathered many economic storms throughout its history, including the financial crisis of 2008 and the oil shock of the 1970s. While some experts predict that the current recession could be deeper and longer-lasting than previous downturns, there is hope that the economy will bounce back as restrictions lift and businesses recover. In the meantime, individuals and businesses alike will need to adapt to the changing economic landscape, focusing on resilience and innovation in order to survive and thrive in the challenging times ahead. https://inflationprotection.org/after-economy-contracts-again-uk-braces-for-two-year-recession/?feed_id=94319&_unique_id=645403da10bab #Inflation #Retirement #GoldIRA #Wealth #Investing #4news #bank #bankofengland #business #c4news #channel4news #economicstorm #economy #England #Finances #gdp #Hospitality #interestgovernment #interestrates #money #news #politics #pounds #public #publicfinances #rates #recession #sterlings #uk #UKnews #RecessionNews #4news #bank #bankofengland #business #c4news #channel4news #economicstorm #economy #England #Finances #gdp #Hospitality #interestgovernment #interestrates #money #news #politics #pounds #public #publicfinances #rates #recession #sterlings #uk #UKnews
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