• Privacy policy
  • T&C’s
  • About Us
    • FAQ
  • Contact us
  • Guest Content
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
    • Lottery Results
      • Lotto
      • Set For Life
      • Thunderball
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
The London Economic
No Result
View All Result
Home Business and Economics

Queen’s funeral may tip UK into recession

Business closures coupled with subdued consumer spending could put the UK on course for negative growth in the third quarter.

Jack Peat by Jack Peat
2022-09-17 12:13
in Business and Economics
FacebookTwitterLinkedinEmailWhatsapp

The UK could fall into recession earlier than forecast due to the impact of the funeral for Queen Elizabeth II, economists say.

Gross domestic product weakened 0.1 per cent in the second quarter on the back of extra celebrations for the Queen’s Platinum jubilee.

Now that there’s an extra bank holiday on September 19th, the day of Queen Elizabeth II’s funeral, output also may be impacted.

The Office for National Statistics on Monday reported that GDP in July rose 0.2 per cent, after a 0.6 per cent fall in June. The rolling quarterly rate of growth was zero, “which is around where it has been for the past four months now,” said George Buckley, chief U.K. economist at Nomura.

“The announcement of another bank holiday on September 19th could also dampen GDP at the margin, over and above the recession we already expect over the coming year,” he added.

Philip Shaw, chief economist at Investec in London, made a similar point. “Since GDP suffered a minor contraction in Q2, this would imply that the economy is in a recession, albeit largely influenced by additional public holidays. While this is not our baseline case, we would not rule this out, especially if the subdued mood of the nation results in a dip in spending across the period of mourning,” he said.

There’s already been sporadic closures of businesses, with some sporting events, most notably football games, cancelled.

The UK is struggling in face of surging inflation, with consumer prices jumping to a 40-year high of 10.1 per cent year-over-year in July.

The average family has £40 less per week to spend in July, a decline of 16.5 per cent, according to estimates from UK supermarket chain Asda.

RelatedPosts

Trump unveils $499 gold mobile phones for ‘real Americans’

No ‘millionaire exodus’ as a result of Labour policies, study finds

Shops could be forced to accept cash in future

Liverpool to introduce tourist tax from June

New Prime Minister Liz Truss has pledged to cap rising energy bills in what could cost over £100 billion over the next two years.

Related: Britain at risk of a sterling crisis

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

← The average Polish family will be better off than a UK household by end of the decade ← International investors could desert UK – Government warned
No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

-->