Market Overview August 2020

UK Data from the Office of National Statistics showed gross domestic product fell 19.1% in the three months to May – a record decline. The UK economy has since picked up and returned to growth, but not by enough to counter the previous contractions. In early July chancellor Rishi Sunak announced an additional £30bn stimulus package aimed at getting the economy through the worst of the recession. Fears were mounting that, as the furlough scheme begins being phased out and employers have to start paying National Insurance again, there would be a wave of job losses. The measures include directly paying for people’s meals out to stimulate the hospitality sector, cutting VAT from 20% to 5%, and e

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