UK Executive Report summary
June 2021
Period covered: Period covered: May 2021
Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.
UK economic activity accelerated in April as the UK came out of lockdown. GDP grew by 00% over the month, the strongest growth rate since July 2020. However, GDP remains 00% below pre-pandemic levels of February 2020.
GDP is forecast to grow 00% in 2021 as a whole, according to independent forecasts from the Treasury.
GfK’s Consumer Confidence measure stabilised in June, with the overall index score at -9, unchanged from the previous month.
The major purchase index rose for the third month in a row as shoppers look to increase their spending in anticipation of a staycation summer.
Business confidence increased for a fourth consecutive month, by 4 points to 33% in May, the highest level for three years.
Unemployment, employment and job vacancies continue to recover as Covid-19 restrictions ease.
CPI inflation rose to its highest level since July 2019, accelerating by 2.1% year-on-year, from the 1.5% rise in April. This was ahead of the Bank of England’s 2.0% inflation target and above economists’ forecasts of a 1.8% rise.
Retail sales rose by 00% in May, year-on-year, according to the Retail Economics Retail Sales Index, reflecting extremely weak comparisons from a year ago.
UK house prices jumped by an annual 13.4% in June, the highest rate since 2004, according to mortgage lender Nationwide.
The latest RICS Residential Market Survey shows a widening gap between demand and supply, with fresh listings tailing off while new buyer enquiries continuing to rise.
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Source: Retail Economics
