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Issue 3 2020 31 AUTUMN 2020 In association with HAE POSITIVE PICK-UP SIGNS FOR THE NATION THAT TOOK THE HARDEST HIT The UK economy started its recovery in June, growing strongly by 8.6%. However the path back to previous levels remains uncertain. W hile the economy entered recession posting a fall of – 20.4% for Q2 following – 2.2% in Q1, growth recovered strongly in June of +8.6%. The peak to trough total fall in output was – 25.6%, and to the end of June the economy was 17.2% smaller than in February. It is now apparent that the UK has experienced by far the largest contraction compared to other developed nations: France (-14%), Italy (-12%), Germany (-10%), Japan (-8%) have been much less impacted. The June growth rate was positive: as lockdown was more fully lifted, the economy responded strongly. About one third of the lost output has been recovered so far; further ground will already have been made up in July and August. However there remain major uncertainties and downside risks. It is likely that June’s growth was the fastest we will see as the economy reopened. The recovery should start to slow as we move towards the autumn. It is also unclear at what ultimate level the economy will recover to as social distancing restrictions weigh on activity, and how much the UK economy’s overreliance on services and consumption will act as a drag on growth. Infrastructure London – Copley Close, Energy Centre Copley goes green: The Copley Close is a new energy centre to deliver heating and hot water to 337 homes at phase 7 and is designed to support future connection to 201 new homes at phase 6 of the development. Project value: £20,000,000. >>