"Preliminary data for UK GDP in the first quarter was released yesterday. It showed that the economy shrunk by 6.1% in the year to March. The month-on-month data for March showed that the economy grew in that month alone by 2.1% following a marginal rise in February.

This shows that the economy began to recover as soon as Boris Johnson announced his Roadmap to Freedom.

Companies across several sectors of the economy began to prepare for the reopening and Johnson has been able to keep the plan on track, thanks to the continued success of the rollout of vaccinations.

Looking forward, given that the retail sector opened in the second week of this quarter a significant reduction in the remaining differential between now and the pre-Covid level should be expected.

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