The post-election financial bounce seems to be greater than a fluke. Constructive information got here in waves this week, as information for employment figures, weekly wages and financial exercise painted a superb image for newly-Brexited Britain.
Individuals are in work and wages are finally back on track. Employment has hit a brand new file excessive (76.5 per cent) whereas unemployment has dropped to a brand new 44-year low, at 3.eight per cent. Most notably, weekly wages are (lastly) again to their pre-financial crash ranges ie, the very best since March 2008. And sure, it has taken a really very long time get right here – it has been the slowest wages restoration in financial historical past – however the pre-crisis goal has been surpassed years earlier than forecasters just like the Institute for Fiscal Studies predicted.
In the meantime economists over at Oxford Economics present how “flash” enhancements for the non-public sector in January have truly been maintained all through February. Whereas companies within the non-public took a small dip, they remained comparatively excessive in comparison with 2019 and had been off-set by an increase in manufacturing all through the UK.
Adjustments to the financial panorama will not at all be mirrored within the quarters to come back. So much is about to alter; however for now, because the figures stand, issues are wanting up within the UK. The doomsayers could show right. However not right now.