The recent Lloyds Bank UK Recovery Tracker (working with IHS Market) found that while the UK overall was behind the global benchmark in November, it still outperformed the European benchmark. Twelve of the 14 sectors monitored reported a stronger output performance.
With news of the first effective Covid-19 vaccine, optimism was up among UK businesses with regards to the next 12 months ahead – this was the highest recorded since the start of the pandemic.
Jeavon Lolay, Head of Economics and Market Insight, Lloyds Bank Commercial Banking, commented, “While the performance of UK services businesses has been acutely affected by the tightening of restrictions and national lockdown measures, there were also positive signs of resilience for the broader economy as a range of sectors reported stronger growth in November. It shows that not only were the mandatory restrictions less onerous than in the spring but that businesses have also adapted well during the pandemic.
“The news of an effective vaccine saw business expectations improve markedly last month, potentially helping to reverse the fortunes of consumer facing industries that have borne the brunt of Covid-19 restrictions. The start of vaccinations in December should help sustain and hopefully bolster this increase in confidence for the year ahead.”
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