UK Executive Report summary
February 2021
Period covered: Period covered: 01 Jan 2021 – 31 Jan 2021
Note: Reporting periods are either one month or two months behind the current month as standard.
GDP
Annual GDP fell by 9.9% in 2020, the largest yearly decline on record.
Labour market
The latest ONS data shows the labour market had begun to stabilise by the end of 2020 prior to the latest lockdown, as the rate of redundancies slowed and the number of employees on payroll picked up.
Inflation and earnings
CPI inflation rose marginally in January, up by 0.1 percentage points to 0.7% year-on-year, and above market expectations of remaining at 0.6%.
Confidence
GfK’s Consumer Confidence measure improved by five points in February to -23 – the strongest rise for a year but still 16 points lower than a year earlier.
Credit and housing market
The RICS Residential Market Survey shows 2021 began with a noticeable reversal in sales market activity, with enquiries, sales and new instructions falling for the first time since May 2020.
Retail sales
Retail sales fell by 1.7% in January, year-on-year, according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted, exc. Fuel).
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Key Stats
Source: Retail Economics
