Many economists predicted a recession in 2022 as the economy suffered due to inflation and the cost-of-living crisis. This has been averted after the economy grew 0.5% in quarter 2 (Q2) 2022. However, this doesn’t mean that things are going to get any easier for UK households.
Energy bills are predicted to rise again in October, and many economists forecast that a recession will begin in early 2023. A recession will concern many. How will they be able to pay their bills? Selling scrap gold could be part of the solution and luckily, at Scrap Gold UK we buy gold in a variety of forms.
From ONS data, we can see that a recession in 2022 has so far been avoided. In May the UK economy grew by 0.5%, preventing a second consecutive quarter of GDP decline. However, a warning klaxon has been sounded, inflation may rise further and the cost-of- living crisis could escalate.
Should a recession come to pass, Brits will feel the pinch in their wallets. Inflation is at a 40-year high with energy prices skyrocketing as gas and oil prices continue to rise during the war in Ukraine. All this has meant people are struggling to pay their household bills.
The Bank of England has said it is not expecting a recession in 2022, however it does forecast a downturn between October and December, predicting a contraction of almost 1%.
A Financial Times survey of economists highlights that there is a high likelihood of a recession in 2023. As many as 38% of economists surveyed predicted that the economy will go into recession in the Q1 2023. 30% thought recession would come, but not until Q3 or Q4.
The definition of a recession is when GDP declines for two successive quarters. If the economy declines again in Q3, a recession could be confirmed as early as the end of this year.
Interest rates rose in June 2022 from 1% to 1.25%. Set by the Bank of England, the UK’s central bank, the institution decided to increase the rate in order to control inflation by curbing consumer spending. With a higher interest rate, the bank is hoping Brits will be convinced to save rather than spend.
However, as mentioned, household bills are uncomfortably high for many, and energy bills are predicted to rise by 40% in October, having already significantly increased following the war in Ukraine. Rather than saving, many households will be forced to spend their savings on paying bills.
For those that need an extra level of disposable income, Scrap Gold UK offer some of the best prices online for scrap metal.
There are many other reasons to choose Scrap Gold UK:
Gold prices are currently buoyant. Today, 25th July, one gram of nine carat gold will fetch you £16.46, if you have as little as seven grams, you could make over £100!
You can see how much your scrap gold can net you by using our easy-to-use scrap gold calculator. Just check the carat of your gold and weigh it to determine its weight.
With Scrap Gold UK you can sell your scrap gold in 3 steps. Just fill in our seller’s form and include it in your parcel before posting to get your money within 24 hours of receipt.
We welcome any questions you might have about selling gold, so don’t hesitate to contact us if you have any questions.
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