Coronavirus Christmas Update
I hope that this update finds you well?
What a year 2020 has been! We started out with great optimism. After a decisive election result in the UK in December 2019 most people (and it didn’t matter which side of the argument they were on) took a huge sigh of relief at the thought of finally moving on. We anticipated good economic news in the US in the run up to the Presidential election which would have been positive for everyone (regardless of the result) and there appeared to be an easing of the trade tensions between China and the US.
But it wasn’t to be, Coronavirus took the world by storm, shutting down economies across the globe. Leaving all Government’s floundering for an answer to the Pandemic. As I write we have left the EU but don’t have a free trade agreement, although we all hope that this is resolved by the year end. The US election ended acrimoniously but it wasn’t the landslide victory that Mr Biden and his Democrats (and the media) had predicted. Although he has finally been declared the winner, Mr Biden has his work cut out bringing the people of the US together after such a divisive campaign from both the Republican’s and Democrats.
Our investments took a battering at the beginning of the year but have since (not quite, but nearly) recovered and most of us have, at best, had our movements restricted for most of the year with some of us CTB’d (combined to barracks) for the duration.
Did you notice that Corona became a Left and Right issue? The Left calling for harder, longer lockdowns with the Right arguing for freedoms and the economy. We need to stop this, a balance needs to be achieved, protecting vulnerable people and allowing others to go about their business. Hopefully the vaccine will help with this in the first quarter of next year but if we’ve learnt anything from 2020 it’s to expect the unexpected.
So what are we hoping for in 2021? More vaccines that work and more importantly that we can distribute effectively. An end to the talk about Brexit and trade deals. Whatever the outcome of the current negotiations we have now left the EU and we should do our best as a United Kingdom to support each other, move forward and be positive about our futures.
Once these hurdles are finally overcome we will see positive growth in our economy and a gradual re-opening of our hospitality venues. The Government will spend to create jobs (they have no choice) so although in the short term we may feel some more pain, by the 3rd quarter of next year we will again be optimistic!
So as we say good riddance to 2020, let’s focus on the good things to come in the future. The abating of the pandemic, businesses getting back to normal, a thriving economy that will create new, skilled work and last but not least the opportunity to spend time in each other’s company once again.
I wish you well for your Christmas festivities and hope that you have a prosperous 2021. As always if you have any questions or queries we are on hand to help. Just call us on the usual number 0800 0438341 or email letstalk@fathomfinancial.co.uk.
