While during the COVID crisis we've tried to find the positives:
(👋 hello new-found community spirit and for many a better work/life balance 👋).
There’s no denying that the economic impact will be felt for a long time to come.
Increased Government spending at record levels, designed to keep businesses afloat, has softened the blow, but the magnitude of the recession we’re now experiencing is unprecedented in modern times.
⏺️ Compared to February 2020, overall GDP was 8% lower in October 2020.
⏺️ The difference between the Government’s spending and its revenues is expected to reach a peace-time-high record in 2020/2021.
⏺️ In an early November forecast, The Bank of England was predicting -11% UK GDP growth for 2020 and +7¼% in 2021
So, what is your business planning to do to ride out the economic storm? And if you want tried and tested tips for building a recession-proof business follow #EquipBusiness or email us.