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Local sellers affected by economic downturn

Independent sellers and entrepreneurs have taken a hit due to a fall in the UK’s economic growth since the start of the pandemic. They are amongst a number of industries fighting to stay afloat in these trying times and have looked for Government support to assist them through.

Mainly due to the lack of productivity throughout the first national lockdown, the UK saw a drastic fall in GDP by almost 20% ,according to the office of national statistics.

Speaking to WINOL, Freddie Reeve, an online seller of football shirts said ‘sales definitely decreased when lockdown first came in late spring/early summer however, sales have picked up more recently’. This is likely akin with lot of traders as the economy has seen slight growth in more recent months. 

The furlough scheme along with other pandemic combatting policies have seen the UK borrowing reach a peacetime high. This, along with the possibility of a no deal Brexit has caused high economic uncertainty and there is fears of a recession bigger than that of 2008/09.

Winchester businesses have virtually discussed the potential of revamping the Winchester inner city area. The plan would be to introduce attractive public spaces, creative areas and flexible workspaces. The aim would be to bring a buzz back to the high street and consequently create a wider customer base for local businesses.

Companies with branches in the Hampshire area such as Debenhams, Topshop and The Harvester have had to cut costs and axe thousands of jobs across the country which has had a negative effected on employment levels.

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