UK economy grew by 6.6% in July
UK economy grew by 6.6% in July
The UK economy continued to recover in July, growing by 6.6%, according to figures. The economy has expanded three months in a row, but remains well below pre-lockdown levels.
The Office for National Statistics (ONS) revealed that the UK “has still only recovered just over half of the lost output caused by the coronavirus”, the BBC reports.
Whilst this is good news, things are far from back to normal. Growth in July was slower than June, when the economy expanded by 8.7%.
The health of “UK PLC” is nowhere near pre-coronavirus levels and has partly bounced back due to pent up demand and growth in sectors such as hairdressers, pubs and restaurants which were allowed to reopen in July. Reopening of restaurants and pubs meant the accommodation and food services sector “rose by a whopping 140.8%” between June and July, according to Thomas Pugh, UK economist at Capital Economics.
Economic output measured by the value and the volume of goods and services it produces remains at 11.7% lower than it was in February, prior to lockdown restrictions which shut down the economy.
The alcohol industry which grew by 30%, but billions has been lost in the travel and tourism industry and many restaurants and pubs are struggling to survive with social distancing rules.
The government are imposing new social distances rules on gatherings after a spike in Covid cases, which is another blow to business.
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Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.
Are you ready to adapt to the new economic model?
As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?
By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.
There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.
If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com