{"id":26124,"date":"2021-04-20T13:30:56","date_gmt":"2021-04-20T12:30:56","guid":{"rendered":"https:\/\/www.elixirr.com\/?p=26124"},"modified":"2025-10-31T11:01:50","modified_gmt":"2025-10-31T11:01:50","slug":"unlocking-the-economy","status":"publish","type":"post","link":"https:\/\/www.elixirr.com\/en-gb\/unlocking-the-economy\/","title":{"rendered":"Unlocking the economy"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2021\/04\/Unlocking-the-economy.jpg\"><img decoding=\"async\" width=\"1024\" height=\"614\" data-src=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2021\/04\/Unlocking-the-economy-1024x614.jpg.webp\" alt=\"Elixirr-unlocking-the-economy\" class=\"wp-image-26144 lazyload\" data-srcset=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2021\/04\/Unlocking-the-economy-1024x614.jpg.webp 1024w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2021\/04\/Unlocking-the-economy-300x180.jpg.webp 300w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2021\/04\/Unlocking-the-economy-768x461.jpg.webp 768w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2021\/04\/Unlocking-the-economy-87x52.jpg.webp 87w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2021\/04\/Unlocking-the-economy-319x191.jpg.webp 319w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2021\/04\/Unlocking-the-economy-479x287.jpg.webp 479w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2021\/04\/Unlocking-the-economy-567x340.jpg.webp 567w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2021\/04\/Unlocking-the-economy-767x460.jpg.webp 767w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/smush-webp\/2021\/04\/Unlocking-the-economy-1023x614.jpg.webp 1023w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2021\/04\/Unlocking-the-economy.jpg 1200w\" data-sizes=\"auto\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/614;\" data-original-sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>Monday 12<sup>th<\/sup>&nbsp;April marked the first major watershed of COVID-19 restrictions this year, with shops, hairdressers and gyms reopening, and hospitality venues allowed to resume outdoor service. Based on the UK\u2019s spending last week, people are certainly making up for lost time:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>On&nbsp;<a href=\"https:\/\/www.theguardian.com\/business\/live\/2021\/apr\/12\/business-confidence-shops-pubs-restaurants-reopen-primark-ftse-stock-market-business-live\">Monday morning<\/a>&nbsp;(12<sup>th<\/sup>&nbsp;April) in England, spending at hairdressers was up 500%, and spending in shops was 2.5x higher, compared to a typical pre-pandemic Monday.<\/li><li>Before lunchtime on&nbsp;<a href=\"https:\/\/www.theguardian.com\/business\/live\/2021\/apr\/12\/business-confidence-shops-pubs-restaurants-reopen-primark-ftse-stock-market-business-live\">Monday morning<\/a>&nbsp;(12<sup>th<\/sup>&nbsp;April), spending at pubs was up 150% compared to a typical pre-pandemic Monday.<\/li><li>Compared to the&nbsp;<a href=\"https:\/\/www.theguardian.com\/business\/live\/2021\/apr\/12\/business-confidence-shops-pubs-restaurants-reopen-primark-ftse-stock-market-business-live\">previous Monday<\/a>&nbsp;(5<sup>th<\/sup>&nbsp;April), the number of shoppers at UK retailers on 12<sup>th<\/sup>&nbsp;April increased by over 146%.<\/li><\/ul>\n\n\n\n<p>Further,&nbsp;the estimated shopper spending last&nbsp;<a href=\"https:\/\/uk.news.yahoo.com\/consumer-shopping-retail-stores-reopen-coronavirus-lockdown-british-shoppers-set-to-spend-122058904.html\">Saturday 17<sup>th<\/sup>&nbsp;April<\/a>&nbsp;was \u00a31,013bn, with the number of people hitting the shops up&nbsp;<a href=\"https:\/\/www.bbc.co.uk\/news\/business-56799889\">330%<\/a>&nbsp;compared to a normal week. Across the entire week,&nbsp;<a href=\"https:\/\/uk.news.yahoo.com\/consumer-shopping-retail-stores-reopen-coronavirus-lockdown-british-shoppers-set-to-spend-122058904.html\">predicted overall spending<\/a>&nbsp;is \u00a34.54bn with a footfall of 50.3 million people.<\/p>\n\n\n\n<p>With shops, restaurants and pubs closed since before Christmas, these figures show the extent of the appetite for spending amongst the public, and it\u2019s spending that the economy needs. The UK\u2019s GDP&nbsp;<a href=\"https:\/\/commonslibrary.parliament.uk\/research-briefings\/cbp-8866\/\">declined 9.8% in 2020<\/a>, with record levels of&nbsp;<a href=\"https:\/\/www.nytimes.com\/2021\/04\/12\/business\/england-reopening-coronavirus.html\">government borrowing<\/a>&nbsp;outside of wartime. At the most recent count,&nbsp;<a href=\"https:\/\/uk.finance.yahoo.com\/news\/uk-gdp-february-2021-coronavirus-covid-19-060319454.html\">6 million people<\/a>, representing 1\/5<sup>th<\/sup>&nbsp;of the UK\u2019s workforce, are on furlough. At the end of February 2021, the UK economy was&nbsp;<a href=\"https:\/\/uk.finance.yahoo.com\/news\/uk-gdp-february-2021-coronavirus-covid-19-060319454.html\">7.8%<\/a>&nbsp;smaller than it was one year ago, and by the time we reach&nbsp;<a href=\"https:\/\/www.nytimes.com\/2021\/04\/12\/business\/england-reopening-coronavirus.html\">the end of this year<\/a>, the UK\u2019s economy will only be back to where it was at the end of 2019.<\/p>\n\n\n\n<p>Based on the spending we\u2019ve seen this week, there is reason to be hopeful for economic recovery. During the last 12 months of restrictions, the UK population has saved an additional&nbsp;<a href=\"https:\/\/www.ft.com\/content\/5e7b5c88-937c-445f-859c-2f9653332afe\">\u00a3180bn<\/a>&nbsp;in their bank accounts, twice the normal amount of income saved and equivalent to 10% of the UK\u2019s annual GDP. Whilst there is debate over how much of this will remain saved or instead be spent, these reserved funds could provide the cash injection the UK economy needs, with the&nbsp;<a href=\"https:\/\/www.ft.com\/content\/5e7b5c88-937c-445f-859c-2f9653332afe\">Office for Budget Responsibility commenting<\/a>&nbsp;that spending these savings could add 6% to consumption in 2021 and 2022.<\/p>\n\n\n\n<p>The boost provided by this week\u2019s activity shows how critical it is that we don\u2019t lock-down again. Equally, our current half-locked status must only be halfway towards normal, and can\u2019t be a permanent fixture until, for example, the entire population is vaccinated. Only 2\/5<sup>ths<\/sup>&nbsp;of UK&nbsp;<a href=\"https:\/\/uk.finance.yahoo.com\/news\/uk-gdp-february-2021-coronavirus-covid-19-060319454.html\">hospitality<\/a>&nbsp;businesses have the space to accommodate outdoor service, highlighting how businesses are far from normal operations. For example,&nbsp;<a href=\"https:\/\/www.bbc.co.uk\/news\/uk-56727568?at_custom2=facebook_page&amp;at_custom4=0BF088D0-9C17-11EB-B928-602B0EDC252D&amp;at_custom3=BBC+News&amp;at_medium=custom7&amp;at_custom1=%5Bpost+type%5D&amp;at_campaign=64&amp;fbclid=IwAR24bL76sqKhmQq7JtJCqAGPi8q5llKLEuMEyVrsbLoW3ws4MFHbAw1vJes\">the owner of Soho nightclub G-A-Y commented<\/a>&nbsp;that they could currently only operate at 10% capacity, having lost \u00a31.3m during the pandemic, with their current business being less about making money and more about reducing losses already incurred. Further, the&nbsp;<a href=\"https:\/\/www.theguardian.com\/business\/live\/2021\/apr\/12\/business-confidence-shops-pubs-restaurants-reopen-primark-ftse-stock-market-business-live\">footfall in shops in central London<\/a>&nbsp;this week was lower compared to the surges seen in other parts of the country, with only half as many shoppers compared to two years ago. This highlights the damage that closed workplaces and no tourists is having on the capital.<\/p>\n\n\n\n<p>With&nbsp;<a href=\"https:\/\/www.independent.co.uk\/news\/uk\/home-news\/covid-lockdown-rules-england-coronavirus-b1829986.html\">47.3%<\/a>&nbsp;of the UK population vaccinated, and the population clearly eager to get back out into shops and restaurants, this week shows that if we continue to stay on the path to unlocking, we can edge closer toward economic recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monday 12th&nbsp;April marked the first major watershed of COVID-19 restrictions this year, with shops, hairdressers and gyms reopening, and hospitality venues allowed to resume outdoor service. Based on the UK\u2019s&hellip;<\/p>\n","protected":false},"author":1,"featured_media":26144,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[116],"tags":[157,257,258,121],"related_service":[],"related_industry":[360],"class_list":["post-26124","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-covid-19","tag-economy","tag-employment","tag-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Unlocking the economy - Elixirr<\/title>\n<meta name=\"description\" content=\"April 12th revealed the appetite the UK population has for post-lockdown spending. 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class=\"wp-component-card edwp-component wp-component-card--resource            wp-component-card--link js-card-link\n        edwp-fade-in\">\n            <figure class=\"wp-component-card__image-wrapper\">\n                            <img width=\"1200\" height=\"720\" src=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2021\/04\/Unlocking-the-economy.jpg\" class=\"wp-component-card__image\" alt=\"Elixirr-unlocking-the-economy\" decoding=\"async\" srcset=\"https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2021\/04\/Unlocking-the-economy.jpg 1200w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2021\/04\/Unlocking-the-economy-300x180.jpg 300w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2021\/04\/Unlocking-the-economy-1024x614.jpg 1024w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2021\/04\/Unlocking-the-economy-768x461.jpg 768w, https:\/\/www.elixirr.com\/en-gb\/wp-content\/uploads\/2021\/04\/Unlocking-the-economy-87x52.jpg 87w, 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      <p class=\"wp-component-card__eyebrow\">\n                Articles            <\/p>\n                <a href='https:\/\/www.elixirr.com\/en-gb\/unlocking-the-economy\/' class='wp-component-card__title'>\n            <h2>\n                Unlocking the economy\n            <\/h2>\n        <\/a>                                    <div class=\"wp-component-card__description\">\n                    Monday 12th&nbsp;April marked the first major watershed of COVID-19 restrictions this year, with shops, hairdressers and gyms reopening, and hospitality venues allowed to resume outdoor service. Based on the UK\u2019s&hellip;                <\/div>\n                                                    <div class=\"wp-component-card__meta\">\n                                            <p class=\"wp-component-card__date\">\n                            20 April 2021                        <\/p>\n                                                                <div class=\"wp-component-card__terms\">\n                                                                                                                                                    <div class=\"wp-component-tags edwp-component\">\n                        <div class=\"wp-component-tags__tag\">\n                Retail            <\/div>\n                <\/div>\n                        <\/div>\n                                    <\/div>\n                                                    <div class=\"wp-component-card__button-wrapper\">\n                    <button class=\"btn btn--link arrow wp-component-card__button\">\n                                                                            Read more                                                                            <span class='edwp-svg '><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g id=\"Lg\">\n<path id=\"Vector\" d=\"M1.12509 9.50162H15.8648L9.43259 3.06941C9.374 3.0113 9.3275 2.94216 9.29576 2.86599C9.26403 2.78981 9.24769 2.70811 9.24769 2.62559C9.24769 2.54307 9.26403 2.46137 9.29576 2.38519C9.3275 2.30902 9.374 2.23988 9.43259 2.18177C9.54971 2.06535 9.70814 2 9.87328 2C10.0384 2 10.1969 2.06535 10.314 2.18177L17.8151 9.6829C17.8737 9.74101 17.9202 9.81014 17.9519 9.88632C17.9837 9.96249 18 10.0442 18 10.1267C18 10.2092 17.9837 10.2909 17.9519 10.3671C17.9202 10.4433 17.8737 10.5124 17.8151 10.5705L10.314 18.0717C10.1975 18.1871 10.0404 18.2522 9.87641 18.2529C9.79414 18.2534 9.71259 18.2376 9.63643 18.2065C9.56027 18.1754 9.491 18.1296 9.43259 18.0717C9.374 18.0135 9.3275 17.9444 9.29576 17.8682C9.26403 17.7921 9.24769 17.7104 9.24769 17.6278C9.24769 17.5453 9.26403 17.4636 9.29576 17.3874C9.3275 17.3113 9.374 17.2421 9.43259 17.184L15.8711 10.7518H1.12509C0.959309 10.7518 0.800312 10.686 0.683084 10.5687C0.565857 10.4515 0.5 10.2925 0.5 10.1267C0.5 9.96093 0.565857 9.80193 0.683084 9.68471C0.800312 9.56748 0.959309 9.50162 1.12509 9.50162Z\" fill=\"#1D0F25\"\/>\n<\/g>\n<\/svg>\n<\/span>                                            <\/button>\n                <\/div>\n                                            <\/div>\n<\/article>\n","_links":{"self":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/26124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/comments?post=26124"}],"version-history":[{"count":1,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/26124\/revisions"}],"predecessor-version":[{"id":56341,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/posts\/26124\/revisions\/56341"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/media\/26144"}],"wp:attachment":[{"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/media?parent=26124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/categories?post=26124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/tags?post=26124"},{"taxonomy":"related_service","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/related_service?post=26124"},{"taxonomy":"related_industry","embeddable":true,"href":"https:\/\/www.elixirr.com\/en-gb\/wp-json\/wp\/v2\/related_industry?post=26124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}