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The UK Office for Budget Responsibility OBR is forecasting the UK economy will grow by an electrifyingly fast pace in 2021 and 2022 of around 6 percent. This is a rate of growth that was only reachable by the likes of China and India post pandemic. Is your business ready for the incredibly fast economic growth rates over the next couple of years. Managing the threats and opportunities from upside risk from pandemic are almost as important for a business as managing downside risk.
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Latest UK Business Magazine News Opinions and Reviews
Average UK house price rose above £250000 for first time ever in October 2020.
Britain’s economy is set to record a rapid rebound for the third quarter
Retail sales data showed a record 17.4% increase in sales volumes for the period. The UK economy is particularly affected by the volume of retail sales. Most of its economic growth comes from retail sales.
Lack of consumer confidence and increasing COVID cases does not mean retail sales will face a setback in 4th quarter. Unemployment levels in UK could well hit UK retail sales which is why government support to save and create jobs is so important at almost any short term cost. Paying the debt can wait until later.
What Can Be Done To Support New UK Business Startups?
If the new startups are genuine startup businesses and they can survive in this economic climate they will survive and prosper to support rapid UK economic growth. The first year of any business is perhaps the hardest year for startup business to trade through. The UK is facing its worst global recession in peacetime. The UK government needs to support new businesses as not only will they produce new tax income for public services but they will create the new jobs for future faster economic growth.
BusinessRiskTV Business Agony Uncle can help to overcome barriers to business success in UK. Submit your business problems or questions for our network of business experts to respond to. Get help to survive and prosper regardless of the economic environment during and post COVID post Brexit.
Protecting as many jobs as possible that have a long future is important. However creating new jobs with a true future will pay off debt without destroying UK society.
Making the right decisions in terms of international trade will also be key. Creating the right trade relationships with Asia Africa and Middle East is where UK economic growth will come from to pay off UK debt.
Britain faces its biggest-ever peacetime budget deficit in 2020. 2020 will be 17 percent in 2020. Anything more than 3 percent is not good. UK debt is more than 100 percent of GDP.Institute for Fiscal Studies
However the cost of borrowing is so low the OECD thinks the UK should borrow more if necessary to create jobs. That should be the priority not paying off current debt. UK debt mountain is not the key problem for UK right now. Unemployment is biggest threat to UK.
UK homebuilder Bellway is resuming dividends and expects to increase the size of the dividend in future despite Brexit and COVID
New homes built output is returning to previous years levels but demand for new Bellway homes in UK is up nearly 50% on last year. Housing completions were affected in first half of 2020 but the UK housing market is booming at the moment and likely to continue to boom at least until new financial year 2021.
Rightmove says house prices in UK have risen 5.5 percent in October year on year. It expects house price asking prices to rise at an annualised rate of 7 percent by end of 2020.
UK house prices rose by the most in four years in September when they jumped by an annual 5 percent according mortgage lender Nationwide
UK average houses prices have reached a record high as the UK housing market continues to boom.
7th September 2020 UKs Biggest Mortgage Lender Halifax Confirms Nationwides Figures That UK Housing Prices Have Mushroomed To Highest Level Ever For UK
UK house prices jumped by the most since 2016 in August to reach highest on record. UK house prices were 5.2 percent higher in August year on year.
Nationwide building society reports UK house prices jumped to an all time high in August 2020
Latest Nationwide figures back up figures from UKs biggest lender Halifax Bank. Pent up demand due to coronavirus pandemic lockdown and a stamp duty holiday on most purchases in England and Northern Ireland until April 2021 have boosted property values to record high. 9 in 10 buyers in England and Northern Ireland will not pay the tax on purchases worth less than £500000 until 1 April 2021.
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.
3rd August 2020 UK Manufacturing Fighting Back From Coronavirus
Business Activity In The UK Is Bursting Out All Over
Looking at some businesses on the High Street you can see some that are now busier than they ever have been. Restaurant and Cafe owners are striving to get back into business and recover from the coronavirus pandemic in the UK. It is not just the restaurants and food outlets.
Growth in the UK private sector has exploded into life. The Composite Purchasing Managers Index PMI from IHS Market for July notched up a 5 year high way faster than the gloomy economic forecasters were anticipating. Its early days but if the whole private sector can continue to trade at anything like this level of business activity then thousands of jobs can be saved and a V shaped economic recovery by October 2020 is very much on.
The Services sector has exploded into life but the manufacturing sector is chipping in with its fastest UK manufacturing output in July since November 2017. Manufacturing is again growing in the UK.
To sustain the UK recovery and protect jobs the UK consumer needs to demand more and that means spend spend spend the money that has been squirreled away during the first couple of months of the pandemic in the UK.
Go on holiday eat out and buy new stuff to save and create hundreds of thousands of jobs!BusinessRiskTV
If Business Leaders In UK Want To Prepare For 4th Industrial Revolution They Should Shun UK Prime Minister Encouragement To Get Back To The Office
In the short term this winter is threatened with a second wave of the virus which could kill more than 100000 additional people in UK. Meanwhile the UK Prime Minister wants people to get back into the office from the 1st August. Such a major change in strategy is wrong in short term for the safety of people and the NHS ability to cope this winter with the virus Winter Flu and backlog of normal ailments and diseases.
In the medium to long term the UK Prime Minister may look at the unbalanced investment in the City Of London and think he has to put everybody back into rabbit hutches to save the previously flawed business strategy of several governments going back to Tony Blair.
The way forward is not to go back to the past inefficient polluting and family damaging ways of working. To grasp the opportunity of the 4th Industrial Revolution people must continue to work from home and the UK governments in London Scotland Wales and Northern Ireland need to change policy to support the diversification and dispersion of work to the country the coast and towns across the UK.
Either By Design Or By Default England Has Ditched The National Lockdown Policy
The economic need to release the country from lockdown has resulted in majority of businesses being opened in recent weeks or coming couple of weeks. The UK as a whole is effectively moving towards this risk management strategy as new infections have continued to fall. It is a sensible political and economic choice.
Many parts of the UK are relatively untouched by the virus in terms of infection but the whole country has been devastated economically by the virus. This could never continue. The decision had to be made as to when to reopen the UK for business and effectively abandon the national lockdown policy.
The inevitable local spikes in infections will be tackled by local lockdowns as Leicester has already experienced. It means that where people take responsibility to control the spread of the virus they are not held back in parts of the country less compliant with good social distancing and cleanliness. This local lockdown policy applies to individual businesses as well as individual villages towns and whole cities.
Effectively this is how we will live now and potentially forever should there be no vaccine! The cautious suggestion that a vaccine will be found within the next 12 months means that lifelong local lockdown is unlikely but local lockdowns will be a feature for many more months at least.
- 10th July 2020 UK deaths from the coronavirus increased by 48 in last 24 hours. Infections increased by 512.
Indoor gyms swimming pools and indoor sports facilities to open in England from 25th July 2020
Outdoor pools and water parks can reopen from 11th July. Musician live performances performed outside and theatre outdoor performances practicing social distancing audiences can restart from the 11th July in England.
Beauticians tattooists and tanning salons can reopen in England from the 13th July.
- UK deaths from coronavirus increased by 85 over 24 hours to total of 44602
- New infections increased by 642 to total of 287621 total infections
UK government plans to invest another 30 billion pounds into the UK economy to try to recover from the economic impact of the coronavirus pandemic
The UK new government Plan For Jobs includes new 1000 pound job retention bonus for employers in UK if they keep on furloughed workers until at least January 2021. To qualify workers must be paid 520 per month. This could cost the UK taxpayer up to 9 billion pounds.
There will be a new Kick Start Job Scheme for young people aged between 16 and 24. UK employers will receive up to six and a half thousand pound grant from the government if the employ young people starting in the Autumn. UK employers can employ as many Kick Starters as they want and be eligible for the grant for each new young worker started. UK government providing additional apprenticeship funding of 2000 pounds per apprentice started too.
UK government investing 2 billion pounds in Green Homes Scheme which is also hoped to create jobs. The money will be used to improve homes insulation. A grant can also be obtained to improve energy efficiency of public buildings.
UK construction sector support for house building and plan to boost housing market and associated homes and garden products and services suppliers with increase in stamp duty threshold to half a million pounds. 9 out 10 homes bought now will be bought free of stamp duty. The change will run until March 2021.
Hospitality sector supported with cut in VAT from 20 percent to 5 percent for 6 months. This applies to food accommodation and leisure attraction related businesses.
During August 2020 people can use the new Eat Out To Help Out scheme that will knock 50 percent off meals out throughout all of August. Businesses will need to register to benefit from the scheme. When a restaurant has registered it can offer half price meals every Monday Tuesday and Wednesday during August.
The government meal deal scheme provides the other 50 percent up to a maximum of 10 pounds per head where the restaurant participates in the scheme anywhere in the UK. The scheme is only for businesses who provide sit down meals and does not cover alcoholic drinks. The website to register your business in the scheme will be opened soon.
Shares in restaurant companies jumped as a result of the new scheme announcement.
78 percent not reporting symptoms on the day of the coronavirus test includes pre symptomatic people as well as asymptomatic those who will never develop noticeable symptoms from the Office of National Statistics ONS survey and analysis BusinessRiskTV.
South Korean study has found people who have Covid19 but do not show any symptoms have as much of the virus in their nose and throat as those who are obviously unwell.CheeringupInfo
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