Happy to be back from hibernation although I am proud Original Thing was able to support the NHS with branded gift bags and more during this crisis.
The Times newspaper today (Thursday 13th August) says on the recent recession, defined by two consecutive quarters of negative growth: 'The peak-to-trough contraction was six times faster and four times deeper than during the financial crisis'.
Therefore it is highly probable that the only way is up from here as we all open up.
As we each wrestle with and do our best with this new normal plenty has been said but it is up to us to make things happen. Some of us or those close to us have been made redundant, some have lost loved ones my condolences to all affected as we all have and continue to be adversely affected in a variety of different ways.
I am personally grateful for my circumstances. At Original Thing it feels like mothballing although I did not furlough. We have been very quiet but it was uplifting to supply branded products for NHS staff whilst clapping on those Thursdays.
The promotional product or advertising goods market of which Original Thing is part of grew because advertising is necessary to drive growth and ultimately thrive.
If you are thinking how we can consider spending money of what some might say are frivolous ideas and things I have a few thoughts. Business can only serve and sell their way out of this situation. Gifts are often practical wanted items.
I am proud that my industry is innovative and flexible. Bringing new products to market and using importation and procurement know-how to import #PPE at this time.
We have heard the biggest opportunities are available in recessions. A decade or more ago we were hit hard, all of us were. Original Thing traded through that time and we will again with two decades of experience. The opportunity to gain market share is now.
The opportunity to innovate and provide new services and products for our customers is here.
This new world is certainly for the brave and I am here to support you.
Karl Pearsall
Director
“Today’s ONS estimates suggest that GDP fell by a record 20.4 per cent in the second quarter of 2020, following a decline of 2.2 per cent in the first quarter of the year, thereby confirming the UK’s first recession since the financial crash. However, the monthly estimate for June suggests a rebound of 8.7 per cent, reflecting further easing of Covid-19 lockdown measures – though it remains a sixth below its level in February. Despite the recovery noted in June, the path ahead remains precarious. An extended period of growth will be required to make up the ground lost in recent months”
Dr Kemar Whyte Senior Economist - Macroeconomic Modelling and Forecasting
Main points
Latest ONS estimates published this morning show that the UK economy contracted by 20.4 per cent in the second quarter of 2020, thereby confirming the UK’s first recession since the global financial crisis. This outturn is largely in line with what we had forecast last month (figure 1).
Further estimates suggest that the economy grew by 8.7 per cent in June itself.
The outlook for the third quarter of 2020 is for growth of about 15 per cent as the economy reopens, on the assumption that Covid-19 remains contained. This would still leave GDP in September around 10 per cent lower than in February