Table of Contents
Economic Overview
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- UK Structure
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- Figure 1: Structure of the UK economy, by sector, start of 2020 (% of turnover by companies)
- Figure 2: Structure of the UK economy, by size of company, start of 2020 (% of turnover by companies)
- GDP – the substantial COVID-19 shock
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- Figure 3: UK GDP monthly index, January 2007-October 2020
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- Figure 4: Monthly output index of UK sectors, Jan-Oct 2020
- Public sector borrowing – the substantial COVID-19 related increase
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- Figure 5: Public sector net borrowing, 2006/07 - April-October 2020
- Bank rate – the COVID-19 related lowest level ever
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- Figure 6: Bank rate, by date of adjustment, 2008-20
- CPI
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- Figure 7: Consumer price index, 12-month rate, October 2019 – October 2020
- Employment, furlough and unemployment
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- Figure 8: UK employment rate, July-September 2007-20
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- Figure 9: Number of furloughed employments, March-August 2020
- Figure 10: Coronavirus Job Retention Scheme claims, at 31 August 2020
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- Figure 11: Unemployment by industry, July-September 2019 and 2020
- Earnings strengthen in Q3
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- Figure 12: Annual growth in average weekly earnings, Q3 2007-20
Business Health
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- Business investment
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- Figure 13: Business investment, Q1 2018 – Q2 2020
- Business confidence
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- Figure 14: ICAEW UK National Business ConfidenceTM index, Q2 2008 – Q4 2020
- Productivity
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- Figure 15: UK productivity measured by output per hour, Q1 2008- Q3 2020
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- Figure 16: UK Productivity measured by inputs and outputs, Q1 2018 – Q2 2020
- Business births and deaths
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- Figure 17: Business births and deaths, 2012-2019
Special Focus: Construction
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- General
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- Figure 18: UK GDP, new construction and R&M growth rate comparison, 2007-19
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- Figure 19: UK GDP, new construction and R&M growth rate quarterly comparison, 2019-Q3 2020
- Housing
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- Figure 20: New house building construction activity, 2007-2020 (Prepared on 14 December 2020)
- Figure 21: Comparison of social and private housing completions in the UK, 1970-2019
- Private industrial construction
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- Figure 22: Private industrial construction activity, 2007-2020 (Prepared on 14 December 2020)
- Private commercial construction
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- Figure 23: Private commercial construction activity, 2007-2020 (Prepared on 14 December 2020)
- New public non-residential construction
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- Figure 24: Public non-residential construction activity, 2007-2020 (Prepared on 14 December 2020)
- New infrastructure
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- Figure 25: New infrastructure activity, 2007-2020 (Prepared on 14 December 2020)
- Repair and maintenance
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- Figure 26: Repair and maintenance activity, 2007-2020 (Prepared on 14 December 2020)
What’s Next?
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- The December Brexit trade deal changes the prospects
- A phased and uncertain recovery from COVID-19
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- Figure 27: Expectations of GDP annual percentage change, 2020-25
- Figure 28: Short, medium and long term impact of COVID on the UK economy, by sector, Prepared on 14 December 2020 and reviewed 12 January 2021
- Unemployment
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- Figure 29: Expectations of employment and unemployment, 2020-25
Appendix – Data Sources, Abbreviations and Supporting Information
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- Abbreviations
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