Ups and downs, ups and downs – the UK economy is like a financial seesaw.
The economy grew by 0.7% – not as predicted – in the first three months of 2024 as the UK emerged from recession.
And more uncertainty followed. Economists predicted a post-election bounce back in the UK economy. But in July this flatlined for the second month running.
Why did this happen? One theory is the stalling of the election. The Office for National Statistics (ONS) stated that GDP remained unchanged in the month following the delayed pre-election activity. A coincidence? Maybe.
And the political changes continued the economic uncertainties. As the Guardian stated, although the economy grew by 0.5% in the three months to July, Labour’s weak performance in their first few weeks in power sent the City into shock, as they had been expecting more of a growth of 0.2% on the month, which never materialised.
They go on to explain that although the first three months of 2024 saw an economic growth of 0.7%, and followed by a 0.6% expansion in the second quarter, the latest figures from the ONS suggest that the recovery from the mild recession that the UK experienced in 2023 has petered out.
With all this uncertainty, what does this mean for finance professionals, and what can they expect for the end of 2024 and beyond?
Bruno Fernandes from Coface, one of our exhibitors, held a seminar at our financeSHOWCASE this week at the Tottenham Hotspur stadium.
Titled ‘UK economic update for finance professionals’ Bruno took us through the change in the UK’s economic landscape and how this affects the dynamic shift for finance professionals.
With inflation concerns and geopolitical factors adding complexity, this demands astute financial strategies for optimal outcomes.
Couldn’t make this event? Want to gain valuable insights from one of the leading global credit insurers?
Make sure you attend our next event, held at Edgbaston Cricket Ground in Birmingham on 19th November.
Get your free ticket here
