Commenting on today’s positive UK economic data, Rupert Thompson, Chief Investment Officer at Kingswood, said: “UK retail sales bounced 5.4% in March ahead of the relaxation of lockdown restrictions, considerably more than expected. This encouraging news was reinforced by business confidence also beating expectations in April, with the composite Purchasing Managers Index moving up to 60.0, the highest level since 2013. These numbers will bolster hopes that the economy should now recovery rapidly on the back of the fast vaccine roll-out and lockdown easing. The good news was cemented by data showing government borrowing in 2020/21 of £303bn. While this amounted to a massive 14.5% of GDP, the highest level since World War Two, the deficit was rather smaller than the official forecast back in March.”