56: GDP, Inflation & Employment

The UK economy grew by 2.3% in April as retail and hospitality reopened. The biggest contributing sector to the rise in GDP was accommodation. Latest figures showed a 68.6% growth in the accommodation sector. And with this year set to be a staycation bonanza, this looks set to keep growing. Food and beverage was up 39% and health and beauty up 63%. The word on everyone’s lips continues to be inflation – economists across the globe are obsessed with the likely course of rising prices, and how central banks will react. Finally, lockdown easing has prompted employers to start recruiting – UK job vacancies have hit their highest level since the start of the pandemic. An estimated 1.3 million foreign workers left the UK during the pandemic, due to a combination of Brexit and Coronavirus, leaving industries such as retail and hospitality with a shortage of staff.