LONDON (Reuters) – Britain’s economy has started to recover from its coronavirus lockdown but signals about a rise in unemployment are raising doubts about how much momentum is building behind the rebound.
Bank of England Chief Economist Andy Haldane has described the shape of the economy as “so far, so V”, albeit with big risks ahead.
But many economists say the most recent data represents a release of pent-up demand rather than the beginning of a sustained recovery.
Most economists in a Reuters poll published this week thought the outlook for the British economy had stayed the same or worsened over the past month.
Here are some early indications about Britain’s recovery so far.
The jobs market offers the greatest cause for concern.
Searches on Google for the word “redundancy” have jumped, something that turned out to be an accurate predictor of layoffs during the 2008/09 financial crisis, according to Samuel Tombs, an economist at Pantheon Macroeconomics.
The proportion of British manufacturers planning redundancies now exceeds 50%, according to trade body Make UK, double the share of a few months ago.
Britain’s statistics office said last week that the number of employees on company payrolls slumped by 649,000 between March and June, but the pace of decline had slowed in recent weeks.
Consumer demand bounces back
The strongest evidence for a quick rebound comes from consumers. Gauges of confidence and demand – ranging from surveys of households to credit card spending data – suggest a rebound is underway, helped by savings built up during the lockdown when people were unable to eat out or go on holiday.
Still, a return to normal is a way off. Consumer confidence and official retail sales figures on Friday will give a more complete picture of the recovery in household spending.
… But for how long?
One of the key questions about the strength of the recovery is how consumer behaviour will have changed in response to the pandemic.
“I would put weight on the logic that suggests that as a behavioural response to the supply shock, cautious consumers, worried about unemployment and health risks, will hold back the economy,” BoE rate-setter Jonathan Haskel said on Thursday.
He pointed to surveys showing a majority of British people are uncomfortable about eating indoors in restaurants and going to the cinema.
Businesses see a long haul
Many companies fear demand will not recover to normal levels quickly.
Nearly half of large British businesses surveyed by accountants Deloitte said it would take until after the second quarter of next year for demand to return to pre-pandemic levels.
Similarly, a BoE survey of company executives showed businesses still see a 10% hit to sales from the COVID-19 crisis in early 2021 – which will likely take some time to fade.
In May, the BoE published a scenario suggesting the economy would regain its pre-pandemic size by the second half of 2021.
Reporting and photo: Reuters
Atmosphere Core expands in South Asia with Atmosphere Living ultra-luxury residences
Atmosphere Core, a globally renowned name in hospitality, has announced the launch of Atmosphere Living as part of its continued expansion in South Asia. Headquartered in India, this new company will offer branded ultra-luxury residences with customised end-to-end amenities and indulgences, including coffee lounges, wine cellars, private transport, and bespoke concierge services.
The global branded residences market has experienced a remarkable 150 percent growth over the past decade, and projections indicate a surge in demand. With the real estate veteran Sandeep Ahuja at the helm as Managing Director, Atmosphere Living is strategically positioned to capitaliSe on this demand.
Atmosphere Living will focus on a conscious design philosophy. All properties will be built in harmony with the environment and will incorporate features such as smart recycling, efficient waste and water management, and green energy solutions.
Sharing his insights on the launch, Salil Panigrahi, Managing Director, Atmosphere Core, said, “Atmosphere Living will bring a distinctive offering to India, and is a brand to watch out for. It will combine Ahuja’s decades of experience, knowledge, and industry network in real estate with Atmosphere’s hospitality expertise, introducing unparalleled serviced residences in India.”
Positioned in major metropolitan areas, established second-home destinations, and undiscovered scenic locales nationwide, these projects will also present lucrative investment opportunities. Elite homeowners will have the option to lease their residences back to Atmosphere Living, allowing them to be rented out for income generation.
Sandeep Ahuja, Managing Director, Atmosphere Living, said, “There is currently a gap in the Indian realty landscape for ultra-indulgent serviced homes catering to affluent consumers. We aim to bridge this gap by curating serviced homes that offer indulgences such as entering homes using smart key cards, 24/7 butler services, fine dining, and co-working spaces, among others. Our ultimate desire is to enable our customers to experience a life of true luxury and exclusivity.”
A night of celestial wonders, luxury, and cosmic inspiration at Anantara Kihavah SKY Observatory by British astronaut Tim Peake
Anantara Kihavah Maldives Villas celebrated a historic milestone with the exclusive visit of the renowned British astronaut, Tim Peake. On the evening of November 2, Astronaut Peake hosted an exclusive space talk at SKY Observatory, the finest overwater observatory in the Indian Ocean, housing the most powerful telescope in the Maldives.
Perched gracefully over the pristine Maldivian waters, SKY Observatory provided an idyllic setting for this extraordinary event, complemented by a stunning sunset. The exclusive gathering attracted a full house of eager guests to a delightful evening that seamlessly blended science, luxury, and natural beauty.
The evening commenced with a lovely cocktail reception, where guests were serenaded by the soulful tunes of a live saxophone band. Attendees savoured exquisite cocktails and canapés as they eagerly awaited Tim Peake’s presentation.
Tim Peake’s talk unveiled his personal journey, where he shared his path to becoming an astronaut and narrated the rigorous training that astronauts undergo. He provided insights into life in space, the daily challenges faced by astronauts, and the awe-inspiring experiences he encountered during his
historic mission. He also offered a glimpse into his exciting future projects, leaving the audience both inspired and spellbound.
Following Tim’s presentation, an interactive Q&A session allowed guests to engage directly with the British astronaut. The audience posed thoughtful questions, deepening their understanding of astronauts’ unique experiences and the intricacies of space exploration.
The event was further enriched by the presence of the resort’s three SKY gurus, Hammadh Rasheed, Zunnoon Ahmed, and Ali Arushal, who conducted a stargazing session for the guests afterward.
The success of the event was evident in the overwhelmingly positive feedback from attendees, who left with a deeper appreciation for space exploration and a memorable evening to cherish.
The evening marked a significant moment in Anantara Kihavah’s history, showcasing the resort’s commitment to offering unique and memorable experiences for its guests. The presence of Tim Peake, a celebrated astronaut and highly accomplished author, added an extraordinary dimension to the resort’s already spectacular offerings.
Tim Peake is a renowned British astronaut who made history as the first official British astronaut to visit the International Space Station (ISS) and conduct a spacewalk during his six-month mission. He also achieved the remarkable feat of running the London Marathon from space. Beyond his extraordinary space endeavours, Tim is also a bestselling author with his most recent book Space: A thrilling human history published earlier this month.
An astronomer’s paradise, Baa Atoll in the Maldives, is one of the best places on earth to enjoy stargazing due to its proximity to the equator. Anantara Kihavah Maldives Villas promises a voyage of discovery on a private Indian Ocean Island, with Sky—an overwater observatory and luxury cocktail bar—providing guests a chance to sip champagne under the stars and explore the Universe.
Visit Maldives website adds atolls segment to showcase diverse regions
Maldives Marketing and Public Relations Corporation’s (MMPRC/ Visit Maldives) has added a new segment to the official Visit Maldives Website specified for atolls showcasing the diversity of the Maldives.
The segment, now live at atolls.visitmaldives.com provides in depth information regarding the different regions of the Maldives, divided by atolls, to refine the traveller’s experience, commencing with an in-depth exploration of Addu Atoll and Fuvahmulah Atoll.
With 26 atolls, the Maldives offers a wide array of unique accommodations and awe-inspiring travel experiences, and this informative section of our website will serve as a gateway to discover the hidden treasures unique to each area. This falls under MMPRC’s initiatives to encourage tourism growth in all regions of the Maldives, broadening exposure to the diverse tourism products available in the Maldives.
The goal is to elevate Visit Maldives’ digital marketing landscape by showcasing the Maldives as more than just a honeymoon destination with various accommodation options. This initiative is driven by a desire to increase awareness about the distinctive offerings within each of the Maldives’ atolls. It aims to positively shape their perception of the Sunny Side of Life brand by curating engaging content that highlights the unique features of the atolls and diverse experiences available in the islands.
Additionally, the initiative will target the affordable luxury market to promote the Maldives as the most appealing option for short holidays and weekend getaways under a unified Maldives brand umbrella.
MMPRC aims to continue exploring other atolls in the Maldives as well, encouraging growth and tourism development in all regions of the Maldives, building on the foundation we have created to promote the destination beyond the traditional paradigms of sun, sand, and sea.
News3 days ago
Manta Air elevates to new heights with international flights to India starting from 2024
News7 days ago
Sheraton Maldives announces spectacular Festive Artisan Market: A day of culture, creativity, and community
News6 days ago
Angsana Velavaru welcomes new Executive Assistant Manager for Food and Beverage; ready to enhance culinary experience for “Festive Moments in our Hearts”
Celebration1 week ago
Amari Raaya Maldives unveils an extensive Festive Season programme
Awards1 week ago
Emerald Maldives Resort & Spa honored as Unrivaled Luxury Leader of 2023
Celebration3 days ago
Milaidhoo Maldives: Seven years of luxury and tranquility in paradise
News1 week ago
Bandos Maldives unveils tropical festive cheer
Family1 week ago
JOALI BEING introduces multi-generational playground to enrich wellbeing vacations for families