Rolling coverage of the latest economic and financial news
- Introduction: Bank of England meeting today
- Economists expect BoE to raise growth forecasts
UK builders are also seeing a surge in demand – and a struggle for raw materials.
The Royal Institution of Chartered Surveyors reports today that Britain’s construction sector is seeing the biggest increase in its workload in five years, due to strong demand for housing and the resumption of other projects.
UK retail chain Next has hiked its profit guidance, having seen stronger trading than expected in recent weeks as the lockdown lifted.
Full price sales in the thirteen weeks to 1 May were down -1.5% on two years ago. Our previous central guidance assumed that Q1 would be down -10% and we have beaten this Q1 forecast by £75m.
In the last three weeks sales have been exceptionally strong and, versus two years ago, total full price sales were up +19%. In that period, full price sales in like-for-like Retail stores were up +2% and Online sales were up +52%.
The strong sales growth we have experienced in the last three weeks is due to pent-up demand built up over the last three months and is very unlikely to be indicative of demand for the rest of the year.
Fashion retailer Next has today raised its profit guidance for the 2021-22 year for the second time in two months as it reported better than expected first quarter trading. https://t.co/jQSIpkMnla
