The UK economy went through an unstable period at the beginning of 2018. Based on the survey data for Q2, most of the blame lies with the weather. However, the economy was already having tough times. Is instant approval merchant account no credit check something you’re interested in? Just read this article and you’ll get answers to your questions.
UK Economy Slowdown
The first 3 months of 2018 have been the weakest period of Britain’s economic activity in over 5 years.According to the Office for National Statistics (ONS), there’ve been sharp contraction in the construction sector, weaker manufacturing growth, and limited consumer spending.
Analysts think such slowdown is associated with Brexit uncertainty and the squeeze on household incomes.
The British Chambers of Commerce has downgraded its 2018 growth GDP expectations.The percentage has dropped from 1.4% to 1.3%.This could be the poorest performance since 2009 when the global economy was faced with the credit crunch.
The 2019 outlook has also dropped from 1.5% to 1.4%.According to the BCC, uncertainties around Brexit, possible trade wars, as well as growing oil prices and interest rates are the main factors associated with dragging on the economy.
With all this in mind, it’s vitally important for merchants to work only with a reputable merchant services provider in the UK. For this, you should turn to a payment expert in the UK that can help you find the best deal for your business.
With a true professional, you can get approved for instant approval merchant account no credit check and other services without challenges. Go with a reliable and experienced comparison company that offersfreeconsultation, contract reviews, rates, as well as fees. Look for a payment specialist that can provide you with the most honest snapshot of the company at the time of writing.
What to Expect in the Future
According to Dr. Adam Marshall, director general of the British Chambers of Commerce, Brexit can’t be the only priority for Westminster. Businesses operating across the country are looking for much more urgency with regard to fixing the fundamentals here at home. What is more, they want to see a concerted effort aimed at lowering the high costs of running a business.
The upcoming few years are going to serve as a testing time for business in the UK. Marshall further notes that firms and their employees are interested in much more visible evidence showing ministers’willingness to get the basics right. This, as a result, would allow businesses in turn toinvest, take risks, and grow.
In addition, the BCC anticipates that even though inflation will ease, the figures won’t go below the government’s 2% target until 2020.
Risks to growth are still high, especially through the Brexit channel. However, much can be done to make theproductivitybetter and drive prosperity. Businesses are putting all their efforts to fight the competition in their field. However, firms and government must work together over the longerterm so to provide bases for growth and wealth.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry, including instant approval merchant account no credit check, has helped thousands of business owners save money and time.