The third quarter of 2020 has the UK economy on course for record-breaking growth, as the coronavirus recovery continues at pace. There have been talks of a so-called ‘V-shaped’ recovery, whereby the economy recovers at a similar scale to the recession and decline it suffered. Others have talked of a more prolonged ‘U-shaped’ recovery which is slower and more gradual. Q3 however for the UK is set to show sharp growth, setting the UK on a strong path as the world recovers economically as well as physically.
UK Investor Rex Ekaireb said of the recover: “We have experienced the awful effects of the global pandemic in the UK, with all sectors hit. From property to jewellery and even travel, sectors previously thought of as ‘invincible’ have been massively affected.
The UK property sector is also seeing many positive signs of a strong recovery. The Chancellor of the Exchequer, Rishi Sunak recently announced various measures designed to give the economy’s slow-recovering sectors a much-needed boost. At the forefront of these policies was his announced cut to UK Stamp Duty Land Tax, which is charged on every property transaction over a set amount.