Despite the summer decline in coronavirus spreading and the abolition of most quarantine measures, UK GDP has only increased by 2.1% since July compared to economists’ forecast of 4.6%.
According to the Bloomberg agency, production in the country fell 10% below pre-coronavirus levels. Meanwhile, the spread of COVID-19 is gaining momentum again, and the authorities are forced to introduce quarantine. All of this could make it impossible to recover from the 20 percent decline in the second quarter, the largest among the major developed countries.
In addition, companies will face additional costs in the form of customs duties from 1 January if London and Brussels do not conclude a trade deal soon.