TLTP
\nLONDON
\nNearly half of firms in Britain reported a decrease in domestic sales in the third quarter (Q3) of 2020 despite much of the business reopening, the British Chambers of Commerce (BCC) has said in a latest survey.
\nAmong 6,410 firms surveyed by the BCC, 46 percent of them recorded a decline in domestic sales in Q3, down from 73 percent in the previous quarter, suggesting a continuing feeble performance amid the impact of COVID-19 pandemic, said the BCC\u2019s Quarterly Economic Survey.
\n\u201cOur latest survey indicates that underlying economic conditions remained exceptionally weak in the third quarter,\u201d said Suren Thiru, head of economics at BCC.
\nThiru said although the declines of activity slowed as businesses gradually reopened, they remained \u201cwell short of pre-pandemic levels with little sign of a swift \u2018V\u2019-shaped recovery.\u201d
\nIn terms of the cash flow, a key indicator of business health, 45 percent of firms saw a deterioration in Q3, with 34 percent reporting no change.
\nMeanwhile, some 37 percent of respondents demonstrated decreased investment in plant, machinery and equipment, \u201chighlighting longer-term concerns for the economy as many businesses look to downsize\u201d, it said.
\n\u201cOur findings clearly demonstrate that business conditions remain fragile in the face of uncertainty, with the prospect of a difficult winter to come,\u201d said Adam Marshall, director general of the BCC.
\nThe businesses voiced concerns toward the prospect months ahead as the British government imposed stricter lockdown restrictions in a bid to contain the resurgence of the pandemic.
\n\u201cWhile the government\u2019s Winter Economy Plan may provide a short-term boost, with restrictions tightening and the economic scarring already caused by the pandemic starting to crystallise, the resulting gains in economic output are likely to fade over the coming months,\u201d Thiru added.
\nTo bring economy and life back to normal, countries such as Britain, China, Russia and the United States, are racing against time to develop coronavirus vaccines.<\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP LONDON Nearly half of firms in Britain reported a decrease in domestic sales in the third quarter (Q3) of 2020 despite much of the business reopening, the British Chambers of Commerce (BCC) has said in a latest survey. Among 6,410 firms surveyed by the BCC, 46 percent of them recorded a decline in domestic […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-148499","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n