Thursday, 28 January 2021

Business News Update

Last week we witnessed the inauguration of a new US president with the promise of further economic stimulus and over 6 million first dose Covid-19 vaccinations administered in the UK. This continues to create a more positive short-term outlook for families and businesses.

The reality is that Government vaccination targets are dependent on the vaccine manufacturers and the safety checks that follow. Nearly 90% of vulnerable people should get their injection by mid-February. Any slip in the supply will delay vaccinations. So we still need to be patient.

On the economic front, the Office for National Statistics latest update shows debit and credit purchases are 35% down on last February and over a quarter (26%) of UK businesses currently trading said that turnover had decreased by more than 20% compared with what is normally expected for this time of year. Interestingly 48% of all workers are still travelling to a workplace.

Overall retail footfall in the UK is at 33% when compared with the same week a year ago, the lowest level since the week ending 7 June 2020. These figures are not unexpected in a national lockdown.

Regional grants are available for closed businesses so please talk to us about these.

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