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UK economic recovery shatters predictions: High street retail sales soar 9.2%

BRITAIN'S high streets bounced back from the pandemic in April with a staggering 9.2 percent rise in sales, new figures reveal.

As lockdown restrictions eased and non-essential shops reopened the amount of money spent in stores saw the phenomenal month on month rise. The near 10 percent growth far exceeded expectations, with economists predicting a 4.5 percent bounce for April.

Brits abandoned online shopping to make the most of their renewed freedoms and spent their stocked up savings on the high street.

Clothing stores saw the sharpest month-on-month growth, with sales up 69.4 percent, with fuel sales rising 10.6 percent compared to March.

Figures from the Office of National Statistics also indicate compared to April 2020, during the first national lockdown, sales were up by 43 percent.

In further positive news for the UK economy, the sales were also up compared to their pre-pandemic levels.

 Total retail sales for both the amount spent and quantity bought were up 9.9 percent and 10.6 percent respectively compared to February 2020, the last full months before the UK entered its first national lockdown.

 

April's figures are the third month in a row that retail sales have risen.

ONS Deputy National Statistician Jonathan Athow said: "Retail sales grew sharply in April and are now over 10 percent above pre-pandemic levels as restrictions eased and more shops were able to open their doors.

"Clothing sales soared by nearly three quarters as consumers took advantage of being able to visit physical stores. Perhaps unsurprisingly, overall online sales dipped, but still remain high.

"Fuel sales increased again this month, but remain below pre-pandemic level as although more people are travelling, many are still working from home."

Helen Dickinson, chief executive of the British Retail Consortium, added: "Pent-up demand built up during lockdown continues to be released as the reopening of non-essential retail offered the public a welcomed opportunity to visit many of their favourite shop.

 

"Improved weather during April meant greater sales of fashion, particularly in outerwear and knitwear, as the public renewed their wardrobe and made plans to meet friends and family outdoors.

"Online sales also continued to perform strongly, rewarding those retailers who had invested in their online and delivery operations during the pandemic."

Rishi Sunak has previously said the average family has saved £7,100 over the course of lockdowns in the past 12 months.

Ahead of the re-opening of the economy in March and April, the Chancellor backed Brits to splurge the cash on sales, helping to aid the country's recovery from the pandemic.

 

"We know that there is an enormous amount of excess savings both in the household sector, approaching £140billion, and £100billion sitting on corporate balance sheets," he said earlier this month.

He said he was "hopeful" the economic recovery seen in recent months will be "sustained through the rest of the year".

Britain's longest-running survey of consumer sentiment, from GfK, showed last that morale was back at its level of March 2020 before Britain felt the full force of the Covid-19 pandemic.

The latest ONS figures come just weeks after the Bank of England also upgraded its forecast for GDP growth for 20201.

The Bank adjusted its figures to predict a 7.25 percent increase for the year, up from the five percent expected in February.

Not since World War II has the UK seen such high levels of growth.

It follows Britain suffering its worst economic contraction in 300 years in 2020.

The closest comparable year is 1709 when unusual winter weather, known as the Great Frost, led to a 13 percent drop in GDP.