2022
9
UK B2B Economic Outlook – Summer 2022
2022-06-14T04:02:43+01:00
OX1102953
1495
152104
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Report
en_GB
“One of the biggest challenges facing the economy is a surge in inflation. Rising inflation was widely expected to be transitory when global economies reopened in 2021. However, the conflict…

UK B2B Economic Outlook – Summer 2022

£ 1,495 (Excl.Tax)

Report Summary

“One of the biggest challenges facing the economy is a surge in inflation. Rising inflation was widely expected to be transitory when global economies reopened in 2021. However, the conflict in Ukraine sent energy prices spiralling, which has raised long-term inflation expectations and increased uncertainty about the post-COVID-19 economic recovery.”
– Claudia Preedy, Senior B2B Analyst

This Report looks at the following areas:

  • Surging inflation threatens economic recovery
  • Public sector borrowing dominated by COVID-19
  • Bank rate raised to 1% in May 2022
  • Consumer price inflation continues to surge
  • Unemployment rate at 48-year low

Table of Contents

  1. Overview

      • Summary
        • Surging inflation threatens economic recovery
          • Public sector borrowing dominated by COVID-19
            • Bank rate raised to 1% in May 2022
              • Consumer price inflation continues to surge
                • Unemployment rate at 48-year low
                  • Business health
                    • Business investment remains below pre-COVID-19 levels
                      • Company insolvencies edging upwards
                        • Special focus: utilities
                          • What’s next?
                          • Economic Overview

                            • COVID-19
                              • GDP
                                  • Figure 1: Annual GDP growth rate, 2007-21, (annual % change)
                                  • Figure 2: Monthly output index of UK sectors, 2021-22
                                • Public sector borrowing
                                    • Figure 3: Public sector net borrowing excluding public sector banks, 2008-22
                                  • Bank rate
                                      • Figure 4: Bank rate, 2008-22, by date of adjustment
                                    • Consumer price inflation
                                        • Figure 5: Consumer Price Index, 2020-22, (12-month rate)
                                      • Earnings growth
                                          • Figure 6: Real average weekly earnings, total pay, 2020-22, (three month average % change year-on-year, seasonally adjusted)
                                        • Employment and unemployment
                                        • Business Health

                                          • Business investment
                                              • Figure 7: UK quarterly business investment, 2006-22
                                            • Businesses confidence
                                              • Figure 8: ICAEW UK National Business ConfidenceTM index, 2015-22
                                            • Productivity
                                              • Figure 9: UK productivity measured by output per hour, 2008-21
                                            • Company insolvencies
                                                • Figure 10: Registered company insolvencies in England and Wales, 2019-22
                                            • Special Focus: Utilities

                                              • Gas and electricity consumption
                                                  • Figure 11: Consumption of electricity, by sector, 2011-21
                                                  • Figure 12: Consumption of natural gas, by sector, 2011-21
                                                • Total household expenditure on energy
                                                    • Figure 13: UK household expenditure on energy, 2011-21, (£ million)
                                                  • Wholesale gas prices
                                                      • Figure 14: Average monthly wholesale gas prices, 2010-22
                                                    • Ofgem’s energy price cap
                                                      • The economic contribution of the energy and water and sewerage sectors
                                                        • Figure 15: GVA generated by the electricity, gas, steam and air conditioning supply sector, 2014-19, (£ million at current price estimates)
                                                        • Figure 16: GVA generated by the water supply and sewerage sector, 2013-18, (£ million at current price estimates)
                                                      • Clean energy transition, security of supply and increased energy independence to drive capital investment in UK energy sector
                                                        • UK to accelerate home-grown power to boost long-term energy independence
                                                            • Figure 17: Investment in the electricity and gas industries, 2013-20, (£ billion)
                                                          • Investment in water and sewerage industry
                                                              • Figure 18: UK capital expenditure on water and sewerage services, 2018-21
                                                            • Water sector to invest £2.8 billion in environmental projects to help green recovery from COVID-19
                                                            • What’s Next?

                                                              • The economy
                                                                  • Figure 19: Expectations of GDP annual percentage change, 2022-26
                                                                • Purchasing Managers’ Index Surveys point towards sinking business confidence, as rising prices hit demand
                                                                  • Unemployment
                                                                    • Figure 20: Expectations of employment and unemployment, 2021-26
                                                                • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                    • Abbreviations

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