UK | London’s economy to grow

London’s business activity continued to improve in April, according to the IHS Markit Purchasing Manager’s Index (PMI), and business confidence was very strong. Separate survey data from ICAEW painted a similar period.
The Oxford Economics Normality Tracker shows a continued return towards normality for London in April and the first half of May, although at a pace
behind the average European city.

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• Spending in the construction industry fell in Q1 2021 compared to Q4 2020
• The financial services sector saw a decline in equity market activity in April and also a fall in lending to companies, but offset by strong growth
• On the labour market side, ONS data suggest that resident employment returned to growth in Q1