The Bank of England has predicted that the country is heading for a recession that could last two years.
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The latest GDP figures seemed to confirm those fears. The UK’s total economic production in September fell by 0.6% – partly due to the widespread closures for the Queen’s funeral.
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The UK is preparing for a two-year recession after the economy shrank again. According to the Office for National Statistics (ONS), the economy contracted by 2% in the first quarter of 2021, largely due to the lockdown measures and the impact of Brexit.
The ONS attributed the decline to a fall in consumer spending and business investment, as well as a drop in exports due to disruptions at ports after the UK left the EU. The service sector, which accounts for around 80% of the UK economy, was hit particularly hard.
Some experts believe that the UK is now on course for a double-dip recession, with GDP not expected to return to pre-pandemic levels until at least 2022. This is despite the government’s efforts to protect businesses and jobs through measures such as furlough and business support loans.
The UK’s exit from the EU is also likely to have a significant impact on the economy in the coming years. With trade barriers and increased bureaucracy, businesses are likely to face higher costs and reduced profitability. This could lead to a further decline in investment and job losses in certain sectors.
To prepare for the impending recession, the government is expected to implement a range of measures, including increased spending on infrastructure projects and targeted support for businesses that have been hit hardest by the pandemic. The Bank of England is also likely to keep interest rates low in order to stimulate the economy, although this could lead to inflationary pressures in the long term.
The UK has weathered many economic storms throughout its history, including the financial crisis of 2008 and the oil shock of the 1970s. While some experts predict that the current recession could be deeper and longer-lasting than previous downturns, there is hope that the economy will bounce back as restrictions lift and businesses recover.
In the meantime, individuals and businesses alike will need to adapt to the changing economic landscape, focusing on resilience and innovation in order to survive and thrive in the challenging times ahead.
What scares me the most about the current UK economy is that we might go into a recession, and that would greatly affect my portfolio. I have been able to accrue up to $293k in my portfolio, and I'm worried about a possible wipe-out. Any advice?
£100 MILLION FOR A CORONATION AND THE KING WANTS US TO JUST GRIN AND BARE IT WOW!
Uk and manufacturing should not go after one another .
Is this because of Brexit..?
Most well established brands at U.K does not accept INFLATION and has numerous ways of removing it in the books of incorporation, in order not to throw products at the dumpsters. A capitalist concept on a yearly basis are always HIGH YIELD and eventual losses, whereas INVESTMENTS, every detail of investment product are examined, including its manner of reconciliation of investments and assurance to investors, such as CERTIFICATES of STOCKS, CERTS.of FULL PAYMENT, CERTS.OF AUTHENTICITY, and CERT.of TAXES PAID, all of these certificates gives assurance to ALL INVESTMENTS, protected and protection from LOSSES from INFLATION of CURRENCIES, as it regulates the flow of INCOME, be it domestic currency or foreign currency since it is automatic DEVALUATION of Investment from a CAPITALIST business acumen. Cash hungry, yet inventories unaccounted. RECEIPTS reconciliation are important and ALL LAWS governing taxes and taxation witheld/withholding tax, that pays itself, for it not to rely on any FOREIGN CASH BORROWING. Tiers 1 and 2, Levels 1 and 2 Mgmt for TAXATION and Investments long term/are well incorporated regarding projections as well as reconciliations of INVESTMENTS and preventive measures from any loss. Respectively certain/./././././RHD/G.M Industries. DON'T DELETE, this is IMPORTANT. Thank you.
It's only going to get worse people have lost their income to the utility / housing suppliers and inflation at the same time the companies have increased the cost of food and goods. So a gradual collapse would be on the cards if nothing dramatic changes. Costs over the past 10-20 years have gone up 7x income has gone up 2x. Cheap foreign production, subsidies and imported cheap labour is the only thing that's kept things going up until now. The bottomless pit is about to cave in, the corruption, incompetence and bs is coming home. The international poop stirring may also have dramatic consequences.
All this talk and you can sum it up corporate greed. Artificially created price rises
Instead of trying to predict and prognosticate whether or not we’re going into a recession and precisely when it’s going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
Lol
Brexit was the right choice. One day you will know
Everybody is panicking for no reason. A few month of recession will not mean the end of Uk
If the economic damage is happening why can't labour achieve office it has only ever been a party of talking
Why? How they ended up in this mess?? Is the Ukrainian war contributing to the problem?
Are the current Tory party are like an abusive partner ? 12 years of abuse, lies, financial constraints and U turns ? Now the Country wants to leave them, they promise to change ? Please don't leave us, we can't live without you.
You allow them to stay, and the abuse continues ?
Don't worry. After sucking all the blood out of EU, the US will grow ever stronger and UK will benefit from the US growth as well
There are many benefits due to Brexit,more money for nhs, more better easier trade deals, our own workers rights law, our own laws for better of all people . All this is the opposite. How did this all happen? And the same people who said all this are in govt!
Lol, shocking that economic output falls when y'all decided to put barriers and bureaucracy between your companies and their biggest market. Strange how that works out, huh?
More like 10 year recession