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Finance


Covid causes crash in UK business output


Richard Rose: businesses facing ‘crippling’ challenges


Previously, the lowest annual average had been 83.28,


which was recorded during the recession of 2009. Despite the end of the second national lockdown in


early December, business business output did not rise significantly. BDO’s Output Index increased by only 0.07 points


during December, leaving it at 69.13 points - well below the 95-mark which indicates output growth. BDO’s Output Index increased by six times this level


(0.43 points) in December 2019, and the weak December figures are particularly concerning given the importance of the Christmas period for millions of UK businesses. Elsewhere in the report, the BDO Optimism Index


rose by 0.26 points in December to reach 86.96. This came as the second national lockdown


UK business output has crashed to its lowest level for 16 years, as the Covid-19 crisis continues to paralyse the economy. According to a new report by accountancy and


business advisory firm BDO, business output flatlined in December, despite the temporary lifting of lockdown restrictions. BDO says its ‘Output Index’ provides a comprehensive


snapshot of business output, by weighting macroeconomic data from the UK’s main business surveys. This averaged 73.62 in 2020, a figure that is


significantly lower than any other year since the index began in January 2005.


restrictions were temporarily lifted, and as the UK began Covid vaccinations on 7 December, which represented the first definitive source of light at the end of the tunnel for businesses. Following the introduction of a third nationwide


lockdown this month, this increase in sentiment is expected to be short-lived. Richard Rose, partner and head of BDO in the


Midlands said: “These figures reinforce just how stark the economic impact of the pandemic has been. “As we enter a third national lockdown, crippling


challenges will continue to plague businesses in the weeks and months ahead. Successful and rapid roll-out of Covid-19 vaccines will be the single biggest driver of business recovery.”


Sector Focus


Unity appoints new director


Birmingham-based Unity Trust Bank has appointed key trade union figure Alex Ryan to its board as a non- executive director. Mr Ryan is head of pensions


at Unite the Union, the largest trade union in the UK, representing workers in construction, manufacturing, transport, logistics, and other sectors. Unity Trust Bank is an independent bank for businesses and organisations that share its philosophy to contribute positively to economic, community and social change. Mr Ryan said: “Unity has


gone from strength to strength since becoming a fully independent bank in 2015, and I am proud to be joining a bank whose vision is to create positive social change. “Unity’s commitment to its


double bottom line strategy of sustainable financial returns and positive social impact is incredibly motivational for all stakeholders involved.”


February 2021 CHAMBERLINK 73


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