UK Economy Bouncing Back But Shop Closures Continue To
Rise
The UK economy is predicted to grow faster than expected
this year as it recovers from the lockdown, according to the International
Monetary Fund (IMF).
The IMF upgraded growth forecasts for developed economies in
its new assessment, but said the world is increasingly split into two blocs
with the outlook for many developing countries weakening.
The largest upgrade is for the UK to 7%, which is forecast
to have the joint fastest growth of the G7 leading rich countries, together
with the US, although that follows a sharp contraction last year that was the
deepest in that group.
I was in central London this week and it was buzzing with
activity again, with full cafes, restaurants and tour buses.
However, shop closures are still rising, especially in the North
East where vacancy rates are the highest.
The end of the business rates relief and furlough scheme
will be a further blow to the retail and fashion sector already suffering from
increased competition from online retailers, such as Amazon.
I see shops closing all around me, but then opening up again
a few months later by some hopeful start-up selling the same kind of stuff.
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