The reopening of the economy in May 2021 saw the return of customers to retail stores and non-essential shops as footfall showed sharp increase in line with step 3 of the government’s roadmap to recovery.
Data released recently from the month of May showed a more progressive picture to the economic recovery of the UK and how businesses are maintaining momentum in salvaging confidence.
An increase in consumer spend, due to high demand for reopened shops saw inflation rise to 2.1%, the highest rate since before the pandemic.
The Office for Budget Responsibility released official figures showing the levels of national borrowing had fallen below the estimated level by over £4bn. Strong demand for staff has lad to less employers relying on the furlough scheme meaning the cost to the government will likely be less than predicted.
The levels of spending by local, regional, and public bodies was also considerably higher than forecasted in May supporting local economies.
These figures released for the month of May provide a positive snapshot of the economic recovery of the UK. The progress made by businesses and the resilience shown has been encouraging to witness.
As we continue on the government’s long term recovery plan, businesses main priority is ensuring that each step taken is in fact irreversible as promised, and a positive, optimistic view on the future can be adapted by those businesses who are beginning to plan for the coming months.
For more information and guidance please visit our coronavirus business support hub here.