UK Economy Rebound But Shop Closures Continue

Money Tips Daily by Charles Kelly, former IFA and author of

The UK economy is predicted to grow faster than expected this year as it recovers from the lockdown, according to the International Monetary Fund (IMF).

The IMF upgraded growth forecasts for developed economies in its new assessment, but said the world is increasingly split into two blocs with the outlook for many developing countries weakening. Watch Video

The largest upgrade is for the UK to 7%, which is forecast to have the joint fastest growth of the G7 leading rich countries, together with the US, although that follows a sharp contraction last year that was the deepest in that group.

I was in central London this week and it was buzzing with activity again, with full cafes, restaurants and tour buses.

However, shop closures are still rising, especially in the North East where vacancy rates are the highest.

The end of the business rates relief and furlough scheme will be a further blow to the retail and fashion sector already suffering from increased competition from online retailers, such as Amazon.

I see shops closing all around me, but then opening up again a few months later by some hopeful start-up selling the same kind of stuff.

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