UK GDP in Q1 fell 1.5%, after the second lockdown... driven by hits to household consumption and investment, but rebound had already begun by end of that quarter in March as restrictions lifted - growth of 2.1%. 
Trade figures out this morning give a full quarters post Brexit transition picture...
UK exports to the EU down 18.1%
Imports from EU down 21.7% versus Q4 2020
Non EU exports up 0.4%, imports down 0.9% in same time period ...
UK exports to the EU down 18.1%
Imports from EU down 21.7% versus Q4 2020
Non EU exports up 0.4%, imports down 0.9% in same time period ...
Various ways to compare trade figures - basic point - full quarter gives fuller picture than monthly figures...using 2019 as more normal figure than 2020
Eg. Q1 2021 goods exports to EU £32bn down 29% from £45bn in Q1 2019.
Same quarter non EU £41bn, down 7% from £44.5bn in 19
Eg. Q1 2021 goods exports to EU £32bn down 29% from £45bn in Q1 2019.
Same quarter non EU £41bn, down 7% from £44.5bn in 19
Spoke to the Chancellor who was not getting carried away with the idea of record growth this year. Cautious optimism about path of the economy from here. No change of plan re tax rises: “I think those are the right decisions. It's important that we have borrowing and debt levels”
Chancellor says of figures today: “good news from today is that the plan we put in place, is working.”...
Says on G7 economic comparisons: “we now have an unemployment rate in the UK, that is lower than almost all of our major competitors”...says 2m fewer lost jobs than expected
Says on G7 economic comparisons: “we now have an unemployment rate in the UK, that is lower than almost all of our major competitors”...says 2m fewer lost jobs than expected
On the trade figures post Brexit, Chancellor says there was always going to be a “period of adjustment” but points to “strong rebound from the beginning of the year through to March in our trade with the EU getting back to more normal levels, which is great”.
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