The recovery among British businesses from the shock of the COVID-19 pandemic quickened again in August, but snowballing job cuts sent an ominous signal for the months ahead, a survey showed on Friday.
FILE PHOTO: A person wearing a protective face mask walks past a Job Centre Plus office, amidst the outbreak of the coronavirus disease in London, Britain, August 11, 2020. REUTERS/Toby Melville
“There were encouraging signs that customer-facing service providers have started to catch up with the rebound seen earlier this summer across the wider economy,” said Tim Moore, economics director at IHS Markit, which compiles the survey. Nonetheless, there were widespread worries among companies that the recovery might fade in the coming months, with the government’s job protection scheme set to close at the end of October.
Economists polled by Reuters this month thought it would take at least two years for Britain’s economy to recover the output lost during the pandemic, with a contraction of almost 10% in store for 2020. [ECILT/GB]
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