British Companies See Sales Decline in Q3 Even After Lockdowns End
A recent survey by the BCC reveals that more companies in Britain saw their sales decline during Q3 2020 despite the easing of lockdown
A recent survey by the British Chamber of Commerce (BCC) reveals that more companies in Britain saw their sales decline during Q3 2020 despite the easing of lockdown measures. According to its quarterly economic survey, 46% of British companies reported a reduction in sales over the quarter, after 73% had seen their sales decline in Q2 this year.
Only 27% of the companies that participated in the survey registered an increase in their sales between August 24 and September 14 when compared to the period three months prior. The worst hit sectors include hospitality and catering, which continue to suffer on account of restrictions and are likely to continue reporting a decline in sales.
Suren Thiru, economist at BCC, observes, “Economic conditions remained exceptionally weak in the third quarter. While the declines in indicators of activity slowed as the UK economy gradually reopened, they remain well short of pre-pandemic levels with little sign of a swift ‘V’-shaped recovery.”
Around 41% of the businesses surveyed expect sales to improve over the coming year while 35% anticipate a fall instead. With the British government reimposing fresh restrictions amid a surge in cases, business outlook could deteriorate further.
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