Back to normal by summer?

The 1-minute read to get the money news you need with expert adviser commentary.

Economy recovered by summer

Economists have updated their predictions* to give a much rosier view of the UK’s economic recovery. In light of yesterday’s vaccine news, GDP is now expected to be back to normal by the middle of next year. They also reckon unemployment will peak at 7%, rather than 9% as previously feared.

Two-speed rental market

Rents have gone up 1.7%* over the past year according to Zoopla. Demand is up, with 20% more tenants in the market. Why? Many first time buyers are struggling to get a mortgage at the moment, forcing them to keep renting. At the same time, London rents have fallen by 5.2%, the steepest drop since 2009.

Foreign takeovers banned

The government will today reveal new legislation that allows it to stop British companies being bought by firms in hostile states. Firms in certain sectors that are of strategic importance will be protected by the new bill. The aim is to stop deals which could damage the UK, which will be particularly important after Brexit.

Freelancers quit

174,000 freelancers have quit self-employment between July and September, according the Office for National Statistics. Some analysts say the exodus could be down to the less generous support given to the self-employed during the pandemic.