EXCLUSIVE: Rishi Sunak expects a massive spending frenzy of £180 billion in amassed savings while the country is in lockdown.
EXCLUSIVE: While the country is in lockdown, Rishi Sunak predicts a big spending spree of £180 billion in amassed savings.
The UK’s “Olympic spirit,” according to Rishi Sunak, is supporting the country’s economic recovery. The optimistic Chancellor declared himself “assured in the stability of our economy” after the horrors of the coronavirus wreaked havoc on the economy for 18 months.
Households amassed £180 billion in unplanned savings during the shutdown, which experts predict will be spent in the months ahead. According to Mr Sunak, businesses will thrive again as a result of the wonderful British spirit. He stated, “The constant theme has been optimism, resilience, and people’s commitment to get this country back on its feet.”
“Watching our inspiring Olympians compete in the last several weeks has boosted this even more.
“The UK economy has proven to be robust in the face of the largest economic shock in living memory.
“I’m sure there will be more challenges in the future.
“We’re getting there; we aren’t quite there yet, but I am optimistic that the Olympic spirit demonstrated by so many businesses will endure.”
The rallying cry comes after a series of lockdowns dealt a hammer blow to businesses, causing damage, bruises, and financial losses in virtually every sector.
Thousands of jobs were lost at well-known corporations including Pret A Manger, British Airways, TM Lewin, and even Harrods, as the UK economy suffered its worst downturn in over 300 years.
The revival, on the other hand, has begun, with daring entrepreneurs declaring that they will be stronger as a result of the disaster.
Mr Sunak’s optimistic assessment comes as experts concur that the great British high street still has a lot of life in it.
By the end of the year, Greggs, the bread giant that experienced catastrophic losses during the government shutdown, plans to open 100 new locations and create 500 new jobs.
Domino’s, the world’s largest pizza chain, has opened 13 new stores and aims to continue expanding rapidly in the future years. In 2019, HMV, a once-omnipresent fixture on nearly every high street, was thrown into administration. It has, however, transformed into a ray of hope.
The new boss, Doug Putman, stated, “The British high street isn’t suddenly going away.” It’s a unique feature of the UK, and we’ve seen from our own traffic statistics since we reopened following the shutdown that the public is passionate about supporting physical retail.”
Domino’s CEO Dominic Paul said, “Covid has been terrible for all of us, but I couldn’t be prouder of how everyone across the board has handled it.”
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