The Economy of the U.K. has taken a battering in recent months due to its heavy reliance on
the service sector. However, if new figures are to be believed, growth rates are set to soar in
the Third Quarter of 2020.
A new average of forecasts released by the City of London shows a dramatic rise of 14.3 percent in GDP.
If such a rise does occur, it would reduce the current drop of 20.4 percent caused by Coronavirus management measures by half, putting the United Kingdom ahead of all her G7 partners bar one.
This comes as data released by the Office for National Statistics shows retail spending in June 2020 was up 1.4 percent from a year earlier.
Similarly, projected leisure spending in the UK in August is expected to be 7 percent higher than in the same month last year. It is likely that this increase is in part due to the ‘Eat out to help out scheme’ introduced by the UK Chancellor for the month of August.