Automated Accounts Payable provider Glantus Holdings raises 14M and successfully floats on AIM. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

UK firms not seeing 'V'-shaped recovery - British Chambers of Commerce

Thu, 1st Oct 2020 22:30

LONDON, Oct 1 (Reuters) - Many more British companies
reported a fall in sales over the past three months than
experienced an upswing, despite the lifting of lockdown
restrictions for most parts of the economy, the British Chambers
of Commerce (BCC) said on Thursday.

"Economic conditions remained exceptionally weak in the
third quarter," BCC economist Suren Thiru said.

The BCC's quarterly economic survey - the largest of its
kind in Britain - showed that 46% of firms surveyed reported
that sales had fallen over the quarter, compared with 73% who
reported a decline in the second quarter.

Just 27% of the 6,410 businesses surveyed between Aug. 24
and Sept. 14 reported higher sales than three months earlier.

The hospitality and catering sectors - which still face
significant COVID restrictions on the size of events - were the
most likely to report a further fall in sales.

"While the declines in indicators of activity slowed as the
UK economy gradually reopened, they remain well short of
pre-pandemic levels with little sign of a swift 'V'-shaped
recovery," Thiru said.

Britain's economy shrank by an historic 20% in the second
quarter of 2020 after output collapsed in April, and the most
recent official data show output in July was 11% below last
year's level.

Bank of England chief economist Andy Haldane estimated on
Wednesday that output at the end of September was just 3%-4%
below pre-crisis levels, and said those who took a less upbeat
view risked undermining the recovery.

Some 41% of businesses in the BCC survey expected sales to
improve over the next 12 months, compared with 35% who expected
a decline.

However the BCC said rising coronavirus cases and more
widespread local lockdowns since the survey concluded raised the
danger that recent gains would go into reverse.

"Economic scarring already caused by the pandemic (is)
starting to crystallise," Thiru said.
(Reporting by David Milliken; editing by Stephen Addison)

More News

J&J cuts vaccine deliveries to EU by half this week - EU source

By Francesco GuarascioBRUSSELS, May 17 (Reuters) - Johnson & Johnson has cut by half expected deliveries of COVID-19 vaccines to the European Union this week, an EU official told Reuters on Monday, compounding supply problems the company has faced...

Today 16:37

LIVE MARKETS-Inflation haunts the data: Empire State, homebuilder sentiment

* Major U.S. indexes rd; chip stocks weak, retail slightly green* Tech weakest major S&P sector; energy leads gainers* Euro STOXX 600 index ~flat* Dollar ~flat; gold, crude rise; Bitcoin down ~5%* U.S. 10-Year Treasury yield ~1.64% Welcome to the h...

Today 16:30

UPDATE 1-Sterling consolidates gains as Britain enters second phase of reopening

* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh* Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv (Updates prices, adds further background and analyst comment)By Ritvik CarvalhoLONDON, May 17 (Reuters) - Sterlin...

Today 16:15

Kodal Minerals secures drill rigs for Cote d'Ivoire exploration

(Sharecast News) - Lithium-focussed exploration and development company Kodal Minerals updated the market on exploration on its Cote d'Ivoire gold assets on Monday, confirming that it had secured two drill rigs for the Nielle Project in the north of the country.

Today 16:11

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.