We are in the worst recession in living memory for the UK with GDP plummeting by 22.1 per cent in the first six months of 2020.
But strange as it may sound, does that matter?
We knew things would be terrible as the coronavirus lockdown pressed the pause button on the economy and people’s lives.
Shops were shut, businesses were shuttered, everyone who could worked from home, almost 10million people were furloughed, international travel was halted, property sales were frozen and children didn’t go to school for four months.
If you’d have predicted that was what 2020 would bring last New Year’s Eve, nobody would have believed you and they might even have called for help.
So, it should come as no surprise that the ONS released figures this week showing that this year’s astonishing actions crashed the economy – although the fact that the UK suffered more than any other major economy other than Spain is a cause for concern.
The question is, what next?
On this week’s podcast, Simon Lambert and Georgie Frost dig into the GDP figures to find out why the UK was hit so hard, whether we can read anything into the ONS’s figures and what to watch out for to identify if the economy is recovering better or worse than expected.
The first six months of 2020 have wiped more than a fifth off the UK's GDP
Also on this week’s show, they discuss how amid all that carnage some households are getting their finances on track, how to buy a property in pandemic if you are an aspiring first-time buyer and how to keep your pension on track.
And finally, the Government in its wisdom has decided to push on with getting Brexit fully done - even if it means no trade deal by the end of the year – and that will mean imported cars get more expensive.
But fear not, new car buyers, because we’ve got the best British-built options instead – from a Nissan Juke shopping cart, to a gorgeous McLaren and the wonderfully bonkers Ariel Atom.
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THIS IS MONEY PODCAST
- Is the coronavirus recession better or worse than it looks?
- Can you make a profit and get your money to do some good?
- Are negative interest rates off the table and what next for gold?
- Has the pain in Spain killed off summer holidays this year?
- How to start investing and grow your wealth
- Will the Government tinker with capital gains tax?
- Will a stamp duty cut and Rishi's rescue plan be enough?
- The self-employed excluded from the coronavirus rescue
- Has lockdown left you with more to save or struggling?
- Are banks triggering a mortgage credit crunch?
- The rise of the lockdown investor - and tips to get started
- Are electric bikes and scooters the future of getting about?
- Are we all going on a summer holiday?
- Could your savings rate turn negative?
- How many state pensions were underpaid? With Steve Webb
- Santander's 123 chop and how do we pay for the crash?
- Is the Fomo rally the read deal, or will shares dive again?
- Is investing instead of saving worth the risk?
- How bad will recession be - and what will recovery look like?
- Staying social and bright ideas on the 'good news episode'
- Is furloughing workers the best way to save jobs?
- Will the coronavirus lockdown sink house prices?
- Will helicopter money be the antidote to the coronavirus crisis?
- The Budget, the base rate cut and the stock market crash
- Does Nationwide's savings lottery show there's life in the cash Isa?
- Bull markets don't die of old age, but do they die of coronavirus?
- How do you make comedy pay the bills? Shappi Khorsandi on Making the...
- As NS&I and Marcus cut rates, what's the point of saving?
- Will the new Chancellor give pension tax relief the chop?
- Are you ready for an electric car? And how to buy at 40% off
- How to fund a life of adventure: Alastair Humphreys
- What does Brexit mean for your finances and rights?
- Are tax returns too taxing - and should you do one?
- Has Santander killed off current accounts with benefits?
- Making the Money Work: Olympic boxer Anthony Ogogo
- Does the watchdog have a plan to finally help savers?
- Making the Money Work: Solo Atlantic rower Kiko Matthews
- The biggest stories of 2019: From Woodford to the wealth gap
- Does the Boris bounce have legs?
- Are the rich really getting richer and poor poorer?
- It could be you! What would you spend a lottery win on?
- Who will win the election battle for the future of our finances?
- How does Labour plan to raise taxes and spend?
- Would you buy an electric car yet - and which are best?
- How much should you try to burglar-proof your home?
- Does loyalty pay? Nationwide, Tesco and where we are loyal
- Will investors benefit from Woodford being axed and what next?
- Does buying a property at auction really get you a good deal?
- Crunch time for Brexit, but should you protect or try to profit?
- How much do you need to save into a pension?
- Is a tough property market the best time to buy a home?
- Should investors and buy-to-letters pay more tax on profits?
- Savings rate cuts, buy-to-let vs right to buy and a bit of Brexit
- Do those born in the 80s really face a state pension age of 75?
- Can consumer power help the planet? Look after your back yard
- Is there a recession looming and what next for interest rates?
- Tricks ruthless scammers use to steal your pension revealed
- Is IR35 a tax trap for the self-employed or making people play fair?
- What Boris as Prime Minister means for your money
- Who's afraid of a no-deal Brexit? The potential impact
- Is it time to cut inheritance tax or hike it?
- What can investors learn from the Woodford fiasco?
- Would you sign up to an estate agent offering to sell your home for...
- Will there be a mis-selling scandal over final salary pension advice?
- Upsize, downsize: Is swapping your home a good idea?
- What went wrong for Neil Woodford and his fund?
- The incorrect forecasts leaving state pensions in a muddle
- Does the mortgage price war spell trouble in the future?
- Would being richer make you happy? Inequality in the UK
- Would you build your own home? The plan to make it easier
- Would you pay more tax to make sure you get care in old age?
- Is it possible to help the planet, save cash and make money?
- As TSB commits to refund all fraud, will others follow?
- How London Capital & Finance blew up and hit savers
- Are you one of the millions in line for a pay rise?
- How to sort your Isa or pension before it's too late
- What will power our homes in the future if not gas?
- Can Britain afford to pay MORE tax?
- Why the cash Isa is finally bouncing back
- What would YOU do if you won the Premium Bonds?
- Would you challenge a will? Inheritance disputes are on the rise
- Are we primed for a Brexit bounce - or a slowdown?
- How to start investing or become a smarter investor
- Everything you need to know about saving