Daily Mirror (Northern Ireland)
Home run for the economy
BUDGET HELPS BOOST BRIT PROSPECTS
BRITAIN’S bruised and battered economy got a much-needed shot in the arm yesterday.
an enduring year defined by challenge after challenge, the clouds are finally parting for businesses.”
Separately, the British Chambers of Commerce said the third lockdown “severely limited” firms’ trading, but confidence had been boosted by the vaccine roll-out.
Meanwhile, experts predict house prices look set to continue rising strongly until at least the summer.
Figures from Nationwide Building Society showed a slight slowdown in average prices. The year-on-year rise eased from 6.9% in February to 5.7% in March, blamed on uncertainty over Chancellor Rishi Sunak’s plans for the stamp duty holiday. Now that has been extended until the end of June on homes up to £500,000, prices are expected to pick up. Across the UK, the average house price was £232,134, Nationwide said.
The Office for National Statistics said the economy grew faster than first thought in the final three months of last year.
While it revised 2020’s slump from 9.9% to 9.8%, that was still the biggest economic hit for more than 300 years.
However, there are signs the economy could recover strongly as Covid restrictions ease.
A survey today found business leaders’ optimism at its highest since just after the 2019 General Election.
Just under two-thirds Insurance
of bosses polled by the market Lloyd’s of
Institute of Directors said London says payouts for
last month’s Budget Covid-19 disruption are set
boosted prospects. to hit £6.2billion for 2020.
Firms signalled an The prediction came as it
increase in investment swung to a £900million
and hiring plans. annual loss, from a
Chief economist at the £2.5billion profit
IOD, Tej Parikh, said: “After in 2019.