As we reach the end of 2020, the pause of the festive season will have businesses reflecting on two contrasting perspectives.
The Phantom Menace
The second wave of the pandemic continues to be
front of mind for all of us. In comparison to the first wave, this has felt far less disruptive to most businesses as they have learnt to adapt to the COVID-era. Comparative ease, however, does not make it any less devastating. Forecasts from the Office for Budget Responsibility (OBR) show the economy will contract by 11.3% this year,1
the biggest decline the UK has suffered in three centuries. This contraction has translated into continued business devastation, with 1 in 7 businesses having low or no confidence that they will survive the next three months,2 and unemployment soared to 4.8%.3