UK Business and Economy News and Risk Analysis Report August 2020
UK Business and Economy News and Risk Analysis Report August 2020: UK Services Sector and Manufacturing Sector
UK economic growth is expected to accelerate again throughout August. The UK economy continues to outpace most economic forecasters expectations.
UK economy is built upon the services sector. 80 percent of the economy is reliant on the services sector. The fact that the services sector is currently growing at 6 year high is very encouraging. The manufacturing sector is not slouching with business activity in August the fastest since February 2018.
Clearly the loss of jobs is devastating for families in UK and the long term health of the UK economy but the pandemic has killed some jobs forever. The rebuilding of the UK economy is the 4th Industrial Revolution will remain difficult for years but the rebound in the UK economy so far is crucial to funding the rebuilding work including reskilling and retraining as well as building more sustainable infrastructure for the new age of business postpandemic.