Monday 17/08/2020 - Yes, the UK is officially in a recession!
Updated: Oct 29, 2020
Over the course of the last week I have read a few articles all stating how the UK is now in a recession. As I read these articles I thought to myself what non-sense, every Brit I speak with seems happy, cheerful and glad that things are getting back to the new normal. Having reflected on this subject for a few days and a little more reading it became apparent that the Brits may not even realise that the recession has landed in our minds as of yet.
Let's be frank shall we, we are entering a second wave here in the UK and as I write this blog post I have plans to go to the the local pub for lunch and have a pint at the same time. At the very same time here on this little island we call home, entire areas are on lock down. A lock down entails you stay at home only go out for shopping therefore one can't go to work, which affects the demands of our economy. Our economy has already had such a blow as everyone was off from work for three months, so what could we expect if a second wave hit us?
So here are some facts!
GDP in the UK is down -20%
As a result of all the shops on the high street being forced to close - spending was down.
This is speculated as the biggest decline to our economy since 2009!
And of course everyone wants to blame someone - Here in the UK there is blame towards the Prime Minister across the pond in the US, there is blame towards the Chinese and my favourite in Africa there is blame towards Europe.
The question is, can we bounce back from this disaster quick enough to pull ourselves out of the muck or are we going to let this horse drown in the quick sand the same way it happened in the movie, The Never Ending Story which by the way is one of my favourite 80's films.
Shops, hotels and restaurants will need to be opened and stay open as we encourage those that can get back to work, even if it's a different kind of job possibly earning less than one did prior to Covid-19 do so. Our mindset needs to be different, we need to have a positive attitude and an approach to carring on, or this horse will sink!
Happy trading, Trader!
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