The German export of building fittings across the English Channel has increased in the last ten years from 84 million euros in 2009 to 105 million euros in 2019, and has even increased steadily since 2014. Source: FVSB
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The recovery path of the British economy so far is likely to be halted by the recently adopted pandemic restrictions. The British left the EU on January 31, 2020, but many companies are not sufficiently prepared for the end of the transition period. At the moment – three weeks before the end of the year – nobody can estimate how hard or soft Brexit will be for the economy in the future. Holger Koch, Deputy Managing Director of the Association of Locks and Fittings Industry (FVSB), looks across the English Channel for the lock and fittings market.
The corona virus reached the United Kingdom late in the first wave compared to other European countries, but it was all the more violent. British GDP collapsed by almost a fifth in the second quarter of 2020: historically and uniquely when compared to other industrialized countries. The recovery course lost momentum in the summer months and a decline of ten percent is expected for the year as a whole – without taking into account the latest developments. Extensive funding packages by the government under Prime Minister Boris Johnson already led to enormous new borrowing in the summer, higher than during the financial and economic crisis of 2008/09. The national debt ratio exceeded the 100 percent mark, the scope for action is shrinking. The prerequisites for a rapid economic recovery are rather moderate, so the pre-crisis level is not expected to be reached before 2023 at the earliest.
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