Your quarterly guide to the UK economy; making sense of the key trends and what's driving them.
27 Jul 2022, 1 min read
Quarterly highlights:
UK GDP growth surprisingly strong in May: UK GDP grew by 0.5% in May, reflecting a rise in GP appointments and changes to bank holiday dates. Business surveys point to momentum remaining weak.
Cost of living crisis set to continue: Inflation hit a 40-year high in June and is set to remain strong for the remainder of the year as price pressures continue to work their way through the supply chain. We expect inflation to peak again in Q4 then begin to ease over 2023.
Labour market remains tight: Employment levels continue to rise, with vacancies remaining near their record highs. We expect some softening in the labour market as demand wanes across the economy, pushing up unemployment slightly over the next year or so.
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