This is not really a surprise to anyone as household spending dived as shops were ordered to close, while factory and construction output also fell.
There is however some good news - The Office for National Statistics (ONS) said the economy bounced back in June as government restrictions on movement started to ease. On a month-on-month basis, the economy grew by 8.7% in June, after growth of 1.8% in May. Growth is expected to continue although some sectors of the economy will not recover as fast as others. It will take time for the retail and hospitality sectors to get anywhere near where they were in March.
For all of us in business now is the time to be flexible and resilient with planning forward. Some of our clients have already repurposed their businesses and pivoted into new areas, these businesses are now seeing signs of recovery and what is clear to us is the need to take time to think about new ways of doing business.
Please talk to us about our planning resources to help you think about your future, we are here to support you!