Economic Activity And Social Change In The UK

22nd September 2023

More than a quarter (27%) of trading businesses reported turnover had decreased in August 2023 compared with the previous calendar month, this is up 2 percentage points from July 2023; in comparison 15% reported their turnover was higher, down from 17% over the same period (final results from Wave 91 of the Business Insights and Conditions Survey).

The total number of online job adverts increased by 2% on 15 September 2023 when compared with the previous week but was 4% below the level of the equivalent period last year (Adzuna). Section 3: Business and workforce.

After seasonal adjustment, a net 3% of firms in August 2023 reported increased turnover on the previous month, decreasing by 1 percentage point from a net 4% of firms reporting increased turnover in July 2023 (HM Revenue and Customs Value Added Tax (VAT) returns). Section 3: Business and workforce.

For the second consecutive week, consumer behaviour indicators showed generally decreased activity compared with the previous week, with Revolut debit card spending decreasing by 5 percentage points, while the aggregate CHAPS-based indicator of credit and debit card purchases decreased by 4 points (Revolut, Bank of England CHAPS data); meanwhile, overall UK retail footfall was unchanged in the week (Springboard). Section 4: Consumer behaviour.

The System Average Price (SAP) of gas increased by 11% in the latest week, while the System Price of electricity fell by 4%; however, both values were 81% lower than the peak level observed in late August 2022 (National Gas Transmission, Elexon). Section 5: Energy.

The daily average number of UK flights was 6,103, a 9% increase compared with the equivalent period of 2022; pedestrian and cyclist levels in London increased by 8% compared with the previous week (EUROCONTROL, Transport for London). Section 6: Transport.

Read the full report HERE