GDP grew 0.8% in May, which fell short of economists’ expectations and leaves the economy still 3.1% below its pre-pandemic peak. Manufacturing of transport equipment fell by 16.5% – the largest fall since April last year, mainly because the global shortage of microchips hit car production. The UK is also facing a labour shortage, the rush to reopen and departure of overseas workers has caused problems in areas including transport, hospitality and construction. Nick also discusses the Grimsey Review, which is available to view here. The review looks at the outlook for UK high streets and town centres.
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