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Blame the weather for the recession…

The ONS has said that the UK economy was officially in recession at the end of last year. As Sky news reported today, the data shows that growth was negative in Q3 and Q4 of 2023, which is the minimum requirement to meet the definition of a recession.


Whilst it’s not exactly good news, analysts were predicting that contraction for a second quarter in a row was always likely so it’s not entirely surprising. The scale of the fall in the fourth quarter may have taken some by surprise but it seems that it was more of a sign of the weather than any specific underlying weakness in the economy.

 

As we all know, December is by far the most important month on the calendar for retailers yet due to the wind and rain, sales dropped to a level the country hadn’t experienced since January 2021. A staggering statistic when you consider that previous date coincided with the start of a national lockdown…

 

However, those same economists have predicted a brighter future this year so any dip is expected to be shallow and short, which could even bring the cost of borrowing down sooner rather than later.

 

It seems clear that the economy is expected to move in a positive direction, with the only real question being whether it will be sooner rather than later. The incumbent government will no doubt be pushing hard to achieve the former in a bid to strengthen their position.

 

If the majority of those in the know really do believe that we’ve turned a corner and are now on a path to slow but stable growth, this could be good news for businesses who’ve been putting off making some big decisions until now.

 

Here at Live Web Chat, we support many small and medium businesses, saving them money by providing real trained staff to answer chats directly on their websites on their behalf. Even better though, signing up with us doesn’t have to be a big decision for your business. We believe in the freedom for businesses to pivot and change direction as they see necessary. You can cancel any time in the knowledge that you won’t be tied into a long-term contract.

 

Contact us today to find out more about how Live Web Chat can help you convert website visitors into paying clients. You can find out more about what we offer on our website, or by calling us on 01273 741113.

 

 

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