April 2020: Changes to expect in the British economy

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Economists are predicting little change in the UK economic growth in 2020. Around one-third UK businesses are expecting a global recession in 2020. But this is not likely to be true in 2020. Although there has been slow industrial production. The trade of Stenn believes two-thirds of firms face geopolitical tensions such as Brexit, regional instability and trade tariffs as the threat to businesses in 2020. 

Sustainable future is a global concern. Climate change and environmental concerns are number one on the list to affect the UK economy this year. Around 48% believes a change in consumer behaviour is most centric to online shopping rather than physical buying at store. 

It is also seen that there is a drop in UK’s visitors to high streets and shopping centres in December 2019 compared to last year. UK spending has been declined by increased uncertainties to the Brexit process. 

Therefore, businesses require to plan for the future and be aware of the risk. Brexit deadline is approaching, businesses fear that it could result in shrinking the economy. Based on the survey conducted in November, it was seen that UK economy shrank 0.3% while the survey by Stenn sees that UK economy will rise 1.1% in 2020

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