There is finally light at the end of the tunnel from the coronavirus pandemic with June 21st the date set for restrictions to be lifted if all goes according to plan. Businesses will be desperate to kick on and start their recovery process and it could be a lucrative summer with experts expecting the economy to grow at the fastest rate in more than 70 years and to expand by 7.25% this year.
A Long Road Ahead
It is exciting to see that the economy looks set for a boom this summer and that the recovery might be quicker than originally thought, but it is important to not get carried away as you must remember that there is a lot of walls to climb in terms of economic recovery. The past 18 months or so have been devastating for the economy and businesses which resulted in a staggering contraction of 9.9% in 2020 – the biggest in 30 years.
Andrew Bailey, the Governor of the Bank of England, has reiterated the importance of putting things into perspective and that while it was good news it still means that there will be two years with no growth in the economy. After the difficulties of the pandemic, it is understandable that people and businesses are feeling cautious but confidence is growing with the rapid vaccine rollout and falling cases.
Getting Ready for Summer
With things looking brighter for the summer and months ahead, businesses are now doing all that they can to prepare themselves to capitalize on this economic boom and hopefully start to recover from the pandemic. This might not be easy given the impact that COVID-19 has had across the board, which is why many are turning to business loans as a way to finance their self-investment.
Using a Cash Injection
Many businesses are in need of a cash injection to get themselves ready for the summer and business loans could be the best way to do this. The money could then be used in many different ways, including upgrading the business operation, purchasing new stock, hiring new staff, expanding, digital marketing or investing in new technology.
Businesses need to think about what the future will look like in a post-pandemic marketplace as it will not simply be businesses, as usual, come June 21st. COVID-19 will have long-term ramifications on consumer behavior and businesses need to find the best ways to attract customers in order to make the most out of the months and years ahead.
With the UK economy expected to grow by 7.25% in 2021 and a busy summer ahead, it is an exciting time for businesses and they will want to do all that they can to start recovery after such a challenging and difficult time for all.