UK economy 'won't recover till 2023'
Britain’s economy will rebound faster than initially thought, according to a forecasting body. The EY Item Club expects the economy to shrink by 8% this year but believes signs of recovery should appear next year — although warned that the economy will not return to its pre-coronavirus size until early 2023. Last week, the Office for National Statistics revealed a 20.4% contraction in April in a crash three times greater than the 2008 financial crisis as the nation endured its first full month of lockdown.
Configuration Consultant at Ignition Advice
Yes it could have been a lot worse... but it also could have been better. Many companies that are cash rich 'let go' a lot of employees rather than risk their reserves. Many companies dropped a huge amount of their workforce rather than furlough. All this has meant people have had to watch every penny and are scared to spend in case they run into difficulties. Many people who live month to month are now on the verge of losing homes etc. I am not trying to sound negative as we should be grateful we are still breathing but certain companies will now have to fight hard to build loyalty and trust in them after how they treated their greatest asset.