Dramatic UK economic rebound predicted
As lockdown comes to an end, the UK economy is set to grow at a virtually unprecedented rate. The forecast growth will bring with it exceptional opportunities for business, and companies need to position themselves strategically to take full advantage.
The Bank of England (BoE) has predicted that the UK economy will grow at its fastest rate since World War II. In a recent report, it was said to have, "Raised its forecast for British economic growth in 2021 to 7.25% from February's estimate of 5.0%." Furthermore, the BoE believes: "The economy is set to return to its pre-pandemic size in the last quarter of 2021, three months earlier than previously thought."
10 economists in a room, only one opinion
Getting economists to agree has always been considered a famously fruitless task. Where the UK's economic recovery is concerned, there is a rare consensus of opinion:
- The BBC highlights a survey by Deloitte's EY Item Club claiming that the economy had "proven to be more resilient than seemed possible" and that "the forecasting body has upgraded its 2021 growth forecast from 5% to 6.8%, which would mark the fastest rate seen since Office for National Statistics (ONS) records began."
Deloitte's Chief Economist Ian Stewart predicted that: "High levels of saving, the successful vaccination rollout and the easing of the lockdown set the stage for a surge in spending over the coming months."
- Goldman Sachs has predicted an even faster rate of growth than the Bank of England forecasters. According to Reuters a note from Goldman Sachs to its clients explained that it was now expected that the British gross domestic product would grow by a "striking" 7.8% this year, "above our expectations for the U.S."
- The same Reuters article states that: "A Reuters poll of analysts published on April 13 showed an average forecast for growth of 5.0% in the UK, the world's fifth-biggest economy, in 2021. The International Monetary Fund has projected a 5.3% expansion."
Time for strategic action
How best to take advantage of the economic resurgence needs careful strategic planning. In other words, businesses should determine what actions will be successful in reaching their specific markets and target audiences.
Covid-19 has hugely increased the volume of global online traffic that was already at massive levels before the pandemic. In order for a business to "cut through the noise" it needs to use a range of measures to increase brand awareness and position itself above its competitors online. With the likely surge of economic activity in the UK, a powerful response in online communications could be imperative.
The flexibility for maximum impact online
BBI Brandboost fields a multi-skilled team of marketing and web development experts capable of planning and implementing focused campaigns across online and social networking channels. We have always believed that the corporate website should be the hub of communications and the recent lockdown restrictions have further magnified its importance.
Some years ago we also developed a unique flexible marketing facility known has Brandboost Credits. This programme is designed to help businesses to undertake peak levels of activity in any given period while remaining within a fixed monthly budget. Brandboost Credits are used and appreciated by a number of our clients and could be invaluable for a business wishing to "cut through the noise" over the coming months without heavily impacting on its marketing spend.
If you feel that we could support your business in taking full advantage of the UK's economic rebound through effective and focused marketing strategies, then please contact us at any time.
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