Britain poised for economic recovery as shops and hospitality reopen
Britain’s economy is poised for recovery as the nation’s lockdown measures ease and shops, pubs and restaurants finally reopen their doors. The reopening and new figures which showed the economy grew slightly in February, at the height of restrictions, sent business and consumer confidence surging to a record high.
In fact, a recent study by Deloitte found business leader optimism is at its highest level in 13 years, with the success of the UK’s vaccination programme boosting hopes of a sharp recovery this year. In addition, with shops and hospitality opening their doors once again, the appetite for spending among executives has risen at its fastest pace on record increasing spending on staff and capital.
This boost in confidence has also translated into the appetite among investors to back these sectors, with many having faith that pent-up demand and post-lockdown spending will act as a springboard to recovery for these businesses and will be a catalyst for future growth later this year. With private investors representing a key barometer of the direction of wealth post-lockdown, this will be welcome news to businesses within hospitality and retail as they look to capitalise this summer.
UK businesses have shown immense resilience throughout the year and we have even seen the emergence of new businesses starting up, which is sure to create some exciting investment opportunities and will play a key role in the nation’s recovery. Investors now need to look towards these businesses in order to enable future growth post-pandemic. In our Investment Index, we found that 29% of UK investors will back online retail businesses in 2021 and 16% are investing into the hospitality sector which is great to see.
People want to get out and spend, businesses want to grow and investors want to help them do that, it’s a perfect storm for rapid growth. Pubs will bounce back along with restaurants and other hospitality, no one will want to stay at home after the year we’ve had and I really believe that. Working with local residents on redeveloping the pub and hospitality venue Rockwater Hove has shown me how much people want, more than ever, a place to come together as a community. We are not out of the woods yet, but the sun will almost certainly be shining when we are.
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