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05/05/2020 Update on Coronavirus COVID-19 and the UK Economy

Coronavirus 05/05/2020 Update

UK surpasses Italy for highest COVID-19 mortality rate

Despite lowered daily death counts relative to the peak of the outbreak, UK has officially overtaken Italy with the highest coronavirus related death rate in entire Europe. This brings the UK to second place globally, second to just the United States.

Government under fire as tests drop back below 100,000

It was a tremendous feat for the government to announce that they have achieved over 122,000 tests in a single day on the final day of the month. Ministers are now back under fire as daily tests delivered 24 hours up to 9 am Sunday falls back to 76,496, over 40,000 drop since the 122,000 milestone. The fall may have been related to claims that the government included tests that were sent to private homes and satellite testing sites, even though they have not been delivered back to a laboratory for testing.

NHS contact tracing app set to be on trial

The NHS contract tracing app is set to be on trial on the Isle of Wight, as the government prepares to introduce measures to ease the national lockdown. The initiative would be rolled out throughout the UK should the trial proves to be a success.

Furlough programme unsustainable

The government has announced that 800,000 employers have furloughed 6.3 million employees in the first two weeks of the furlough programme. The Chancellor acknowledged that the furlough programme is not sustainable in the long run but promised there would not be a “cliff-edge” cut-off to the scheme.

Worst month for UK economy on record

It was reported that the IHS Markit/Cips composite purchasing managers’ index (PMI), a measure for the state of the economy, plunged from 36 in March to 13.8 in April; March was the previous record low prior to April’s results. A score of less than 50 indicates a contraction in the economy. The fall is mostly driven by the drop-in service-based business output, which constitutes approximately 80% of the economy.

Record low car registrations since 1946

The crisis has resulted in a 97% decline in car registrations from the same month last year, a record low since 1946. The SMMT, the UK car industry body, revealed that just 4,321 cars were registered, compared to 161,064 cars registered in the same month last year.

What does it mean for you?

Whether the lockdown stays or eases, Auction Agent is still there for your property buying and selling needs. We have taken measures to ensure your safety with virtual viewings and online live auctions.

Why use Auction Agent?

With our exchanges guaranteed to complete anywhere from 1 to 28 days from the fall of the hammer, Auction Agent property auctioneers will ensure that your property would be sold as quickly as possible and without the worry of buyers dropping out. Our seller’s package includes marketing on leading online property portals (Rightmove, Zoopla, and PrimeLocation) and social media platforms (Facebook, Twitter, and LinkedIn).

Auction Agent property auction house has over 50 years of combined experience – we are ready to answer any of your questions regarding buying, selling, or just regarding property auctions in general. Auction Agent house auctioneers offer complete services for buyers, sellers, and even probate property owners. Furthermore, Auction Agent property auction house gives all sellers a peace of mind with our no-sale-no-fee approach.

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