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UK Executive Report summary

September 2021

Period covered: Period covered: August 2021

1 minute read

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 increased by 5.5% quarter-on-quarter in Q2 2021 (April-June), revised up from the initial estimate of 4.8% growth. Health services and the hospitality sector were the main drivers of growth.
  • UK GDP is forecast to grow by 00% in 2021, according to independent forecasts.
  • The labour market continues to improve with the number of employees on UK payroll returning to February 2020 levels for the first time since the pandemic. But unemployment is expected to tick slightly higher as the furlough scheme ends in September.
  • Between June and August, the number of vacancies surpassed 00million – the highest on record.
  • Inflation jumped to 3.2% YoY in August. The 1.2 percentage points (pp) rise on the previous month was the largest since records began in 1997.
  • Retail sales rose by 00% YoY in August, according to the Retail Economics Retail Sales Index.
  • August marked the first full month that Covid restrictions were lifted this year, giving increased opportunity to spend in leisure and hospitality venues, dampening retail sales growth.
  • Fewer holidays abroad this summer has seen households take to staycations and distribute spending to hospitality and leisure activities closer to home as the economy reopens. This view corresponds with the Coffer CG Business Tracker, which showed that like-for-like sales at restaurants and bars were up +00% and 00% respectively in August versus the same month in 2019.
  • The housing market is cooling as stamp duty relief is withdrawn. However, low mortgage rates, lack of housing stock, accumulated lockdown savings and a robust labour market will continue to support activity.
  • Since the start of 2021, there have been over 1,000,000 residential property transactions in the UK (Jan-Aug), 00% higher than the 10-year average for this period.

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Source: Retail Economics

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