This rise surpasses economists’ expectations
Retail sales continued to rise in March, up 5.4% as Covid restrictions are increasing.
The increase surpassed economists’ expectations of a monthly increase of 1.5%, according to data released by ONS on Friday.
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Before the pandemic affected the UK economy, it was 1.6% higher than in February.
The ONS said the data reflects “the impact of relaxing coronavirus restrictions on consumer spending.”
Additional figures released by ONS reveal that the UK government borrowed more than £33.1 billion in last fiscal year. This represents an increase of £246 billion compared to the previous year.
UK borrowings amounted to 14.5% of GDP, 15.2% since 1946.
The numbers are the result of increased public spending and tax cuts aimed at managing the negative impact of the pandemic.
Commenting on the new ONS data, Jon Hudson, top fund manager at MiTon UK Growth Fund, said:
“In clothing stores, in particular, we saw an impressive 17.5% jump as consumers spent the forced savings they had accumulated over the past year and prepared their wardrobes for a more ordinary summer.”
