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UK economy bounces back Posted On 12 November 2020

The UK’s economy recorded record growth between July and September to bring it back out of recession…

 

Figures from the Office for National Statistics (ONS) have confirmed that the UK has bounced out of recession with a record growth of 15.5% in July to September. The boost has been put down to children going back to school, which allowed workers to return to their jobs, and the thriving property market, boosted by the Stamp Duty Holiday.

 

The ONS has confirmed that the economy had now expanded for five months in a row, however, the pace of recovery has now slowed. But with the Christmas season upon us, it is hoped that the retail sector will help restart the growth again, especially with the stock market rallying on the news of the potential vaccine.

 

With the second lockdown in full swing, a lot of High Street shops have started offering click and collect and delivery especially for the holiday season and with the U-turn allowing pubs and restaurants to offer delivery, it is hoped this will help stabilise the hospitality sector until they can open their doors again.

 

Rishi Sunak, the Chancellor of the Exchequer, said, “Today’s figures show that our economy was recovering over the summer, but started to slow going into autumn. The steps we’ve had to take since to halt the spread of the virus mean growth has likely slowed further since then.

 

“But there are reasons to be cautiously optimistic on the health side – including promising news on tests and vaccines. My economic priority continues to be jobs – that’s why we extended furlough through to March and I welcome the news today that nearly 20,000 new roles for young people have been created through our Kickstart scheme.

 

“There are still hard times ahead, but we will continue to support people through this and ensure nobody is left without hope or opportunity.”

 

Hopefully, this shows that once lockdown is over and a vaccine is available, that the UK economy is more than strong enough to bounce back quicker than expected…

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