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UK Executive Report summary

October 2021

Period covered: Period covered: October 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.

GDP

  • GDP is estimated to have grown by 0.00% in August, regaining momentum following an unexpected 0.1% fall in July. The economy is now 0.8% below February 2020’s pre-pandemic levels.
  • UK GDP is forecast to grow by 0.00% in 2021 and 0.00% in 2022, according to independent forecasts from the Treasury.

Confidence

  • GfK’s Consumer Confidence score fell by four points to 0.00 in October – the lowest level since February.
  • Business confidence edged lower by 3 points to 0.00% in October but was still the second highest since the pandemic began, according to the Lloyds Business Barometer.

Inflation

  • CPI inflation dipped in September to 0.00% YoY, from 3.2% last month. This was below economists expectations of inflation remaining stable.

Labour Market

  • The unemployment rate in the UK edged down to 0.00% in the three months to August, from 4.7% previously. This is 0.5 percentage points (pp) higher than before the pandemic.

Retail sales

  • Retail sales rose by 0.00% YoY in September, according to the Retail Economics Retail Sales Index. Mounting concerns over the economic recovery amid rising inflation and supply chain disruption, weighed on retail sales.

Credit and housing market

  • The number of mortgage approvals fell back in September, totalling 0.00 from 74,214 in August, the lowest level since July 2020 but ahead of pre-pandemic levels.

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Consumer confidence on the decline

Source: GfK

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