That’s how much the production output was reduced by in 2020. On the 4th February, 2021, the Bank of England suggested the U.K. economy, supported by a vaccination program, will reduce by 4.2%; mirroring a similar prediction made by an investment bank earlier in the year.
Banks predict a 'bounce-back' outcome for the U.K. economy in 2021 despite businesses now no longer in position to re-open; pulling also their supply chains down with them. Businesses that will re-open, are subject to the uncertainty around changed habits and routines of customers, clients and the wider population. These changes, unknown and difficult to predict, also make planning and investment difficult.
The economy is CAUSED and is not just a haphazard result. It’s decline can be counter influenced by the implementation of effective, pro-active economic strategies that push for marketing campaigns and production at all levels of the economy.
The following suggested strategic policies, implemented at government level, are a pro-active approach towards getting the economic decline reverted.
Promote the merits of the UK’s economic and commercial infrastructure, establish new trade agreements and partnerships; promote brands, services, products and back this by increased individual production.
Place businesses and micro economies under protection from adverse policy changes, whilst temporarily easing laws to encourage and accommodate rapid, voluminous trading.
Cut expenditure and budgets, to focus budgets on maintaining efficiency and delivering strict yield targets, on any expenditure or investment. All expenditure must be essential and effective.
Get the country ready, prepared and motivated to deliver maximised volumes of services and products. A business increasing operations requires the support of a supply chain uphold expanding operations.
Encourage determined economic activity, reward organisations for production, growth and economic contributions; a policy repeated by executives at corporate level.
However, the two major threats currently facing the UK (Brexit and C-19) must first be fully resolved. #economics #uk
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