UK officially in recession as economy shrinks by 20% April to June
UK officially in recession as economy shrinks by 20% April to June and is now officially in recession
Economic output measured by GDP was negative for two quarters, which means the UK is officially in recession.
The Covid 19 driven recession has hit the UK harder than any of the major economies apart from Spain.
UK Chancellor Rishi Sunak says recession, the first since 2009, is “unprecedented”.
The number of people in work in the UK fell by 220,000 in the last quarter
Due to the coronavirus lockdown, the number of people recorded as ‘in work’ fell by 220,000 on the quarter, according to the Office for National Statistics.
The numbers of unemployment benefits claimants rose sharply from just over 1 million to 2.7 million in the first six months of this year.
More bad news for UK jobs is on the way with one in three UK employers planning further redundancies, which are up fivefold on last year.
- UK economy shrinks by 20% April to June 2020
- UK is officially in recession after successive GDP falls
- One in three UK employers plan more redundancies
- Redundancies soar fivefold despite furlough scheme
- Unemployment to double 7.5% and economy slump 9.5%
- Half as many jobs are being advertised compared to 2019
- Base rate held at 0.1%, interest rates to stay low for 5 years
- Lenders not passing on rate cuts and mortgage rates going up!
- The end of furlough sees millions more unemployed this autumn
- UK house prices reached a new all-time high in July as buyers return
- UK property prices jumped by 3% since June following stamp duty cut
- Why UK Property prices rising after stamp duty cut, despite the downturn?
- New planning rules will open up more opportunities to make money in property
- You can create a second income during the lockdown…and come out stronger
- Learn how to make money from property without deposits, mortgages or cash
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, 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 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