Accountants based in Sidcup, UK

Economic growth accelerates in three months to May

01 Jun 2021

The UK economy grew significantly in the three months to May, according to the latest Growth Indicator from the Confederation of British Industry (CBI).

The Indicator showed that private sector activity across the economy grew at its fastest pace since 2015, with a balance of +30%.

The CBI found that business and professional services activity also grew at a record pace, and distribution sales and manufacturing output increased at the fastest rates since August 2018 and December 2018.

'As the country slowly but surely re-opens, the economy has really taken off,' said Alpesh Paleja, Lead Economist at the CBI.

'Most sectors have seen a real uplift in activity in recent months and believe that the outlook for the summer is strong. All eyes will be on the government's decision on step four of the roadmap, to further help the likes of hospitality, leisure and tourism make the most of summer. 

'As and when restrictions lift further, we shouldn't lose sight of how fragile the situation will remain for some businesses, and the government will need to keep a watching brief of what support may need to continue.'

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Opass Billings Wilson & Honey LLP, Numeric House, 98 Station Road, Sidcup, Kent DA15 7BY
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Led by a management team qualified and experienced in our business disciplines, and assisted by technical and administrative personnel, we offer a wide range of business, tax and advisory services.

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