Economists cut growth predictions

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Growth forecast slashed

Economists have downgraded their expectations of the UK economy in the last 3 months of the year. In September, the average prediction was for 4.5% GDP growth in Q4. But now that’s been cut to just 1.7%, amid fears of rising cases and tightened restrictions.

Last days of furlough

Chancellor Rishi Sunak is under pressure to extend the furlough scheme, which is due to end this Saturday. Economists are calling for more support for businesses to prevent them from going bankrupt if in the run-up to Christmas. They’re worried about a double-dip recession if the government is forced to impose a second national lockdown.

Cars need Brexit deal

Car makers are urging the government to get an EU trade deal to make sure we can still export British-made cars to the bloc without paying tariffs. September is usually a good month for the car industry, but it’s had the worst one for 25 years. Production for the year is down 35.9%, and it’s expected to fall below 1 million vehicles for the first time since 1999.

No soy sauce discount

The government has clarified that soy sauce will not, in fact, get cheaper after Brexit. The Department for International Trade tweeted during Bake Off that the price of the condiment (which it referred to as “soya sauce”) would fall thanks to our trade deal with Japan. It’s now clarified that the deal would simply prevent it from getting pricier under a no-deal Brexit.