"The economy has already recovered just under 90% of its earlier losses. Having fallen precipitously by 20% in the second quarter, we expect UK GDP to have risen by a vertiginous 20% in the third quarter - by some margin its largest-ever rise." - BBC
Andy Haldane, an economist at the bank of England has rightly stated that we should NOT allow ourselves only to hear the bad news.
There is bad news, COVID infections and deaths rising, personal freedoms and travel restricted, unemployment rising, consumer confidence low, and the rather large matter of the 20% fall in GDP in Q2.
There is also a lot of positive news. The economy rebounded 18% in Q3 and has recovered 90% of the ground it lost. The Government Furlough, Job Support, and Kickstarter Schemes will stem the loss of jobs.
The Eat Out to Help Out scheme boosted the hospitality industry. Consumers may be reporting that their confidence is low yet retail sales are ahead of 2019 so people are spending money.Brexit negotiations are on-going and it's likely a deal will be done at the last minute which will boost employers and jobs.
Interest rates are low and likely to remain so for years so borrowing is cheap.11 companies have vaccine trials at phase 3, a large volume human testing stage, so there should be a solution in Q1 2021.
This will further boost confidence and jobs reducing unemployment.
Lots of reasons to be positive.
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