Lawrence Kaplin, Chief Market Strategist at international business payments platform Equals Money, told Express.co.uk: “Stark warnings from UK Chief medical officer Chris Whitty combined with the CBI estimating hospitality industry revenues will take a hit of 40 percent in December are a reminder of how uncertain the medium-term economic outlook has now become.
“The recent tightening of Covid restrictions and new Government recommendations regarding socialising have had a huge and immediate detrimental effect on the service sector, accounting for 80 percent of UK GDP.”
The advice from Professor Whitty urging the public not to “mix with people you don’t have to” has caused a ripple effect, with Brits heading the advice and heading indoors, resulting in mass cancellations that will begin to show in upcoming economic data.
The CBI has said revenues for businesses could take a hit of up to 40 percent this month, in what would usually be the busiest time of the year.