We hear a lot about the benefits of investing and the need to increase your income through investments. However, this isn’t always an option for everyone and starting to invest can be a big decision and should be thought out.
Investing is a great way to build on your income as well as create financial independence. Cash in your bank account will be losing value without a great interest rate which is hard to come by due to inflation. With investing, your money will adapt with inflation and the value of your money is protected.
If you are ready to invest find out which type of investing suits your goals and situation the best.
When should I start investing?
In recent years the Bank of England has become a soft target for politicians. In 2022 Liz Truss, in the run-up to her very short premiership, suggested the Bank should shift from its 2% inflation target and be given an economic growth target instead. In the build-up to this general election Reform UK has floated the idea of ending the Bank of England’s practice of paying interest on deposits from commercial banks and reserves held in the course of quantitative easing. In a rather odd coincidence, former Labour Prime Minister Gordon Brown has recently made an identical proposal. Present Shadow Chancellor, Rachel Reeves, appears much less keen to implement the idea if Labour is elected.
This article explores what such a system might entail for the Bank of England, its potential benefits and drawbacks, and draws comparisons with similar implementations by other central banks.
How would the Proposed Tiered Reserve System work?
Under the proposed tiered reserve system, the Bank of England would categorise bank reserves into different tiers with varying interest rates. A minimum required amount of reserves would earn no interest, while reserves beyond this threshold would earn interest. This system contrasts with the current uniform rate paid on all reserves at the moment.
One of the principal benefits of a tiered reserve system is cost savings for the government. By paying no interest on required reserves, the government can significantly reduce the total interest payments to banks, resulting in substantial cost savings for the Bank of England and increasing the size of the rebate the Bank pays to the UK Treasury.
In terms of monetary policy effectiveness, the interest rate on excess reserves can be adjusted to influence short-term market rates, providing the Bank of England with a more precise tool for implementing monetary policy. From a financial stability perspective, ensuring banks hold a minimum level of reserves promotes stability. Additionally, interest on excess reserves provides banks with an incentive to maintain adequate liquidity buffers, providing a buffer against financial shocks, and thereby reducing the risk of sudden bank failure.
Despite these benefits, there are potential drawbacks to consider. Implementing a tiered reserve system would require banks to adjust their reserve management strategies, which could entail costs and require significant time to adapt. While excess reserves earn interest, the required reserves do not; this might negatively impact the overall profitability of banks. Such a policy change might lead to unpredictable behavioural changes in banks, potentially concerning lending practices.
How do other Central Banks Manage Reserves?
The European Central Bank (ECB) has adopted a two-tier system for the remuneration of excess reserves. Under this system, a portion of bank reserves is exempt from the negative deposit facility rate, reducing the financial burden on banks while maintaining negative interest rates to encourage lending. This approach has mitigated the adverse effects on bank profitability and supported financial stability.
The Bank of Japan uses a similar approach which is more elaborate with a three-tier system: a positive interest rate for the Basic Balance, zero interest for the Macro Add-on Balance, and a negative rate for the Policy-Rate Balance. This system balances incentives for banks to hold necessary reserves while encouraging lending and investment to support economic growth.
The Swiss National Bank (SNB) exempts a certain quantity of reserves from negative rates, similar to the ECB. This system helps protect bank profitability and ensures sufficient liquidity, while the negative rate on excess reserves discourages unnecessary reserve accumulation. Denmark’s central bank, Danmarks Nationalbank, also exempts a portion of reserves from negative rates, aligning with the strategies of the ECB and SNB. This system supports the central bank’s monetary policy while minimising negative impacts on the banking sector.
Final Thoughts…
The proposed tiered reserve system for the Bank of England would be a major shift in monetary policy implementation and reducing costs for the central bank to allow it to pay a greater return to the treasury. By differentiating interest rates on types of reserves, the Bank of England can create for itself a dual ability to incentivise panel banks to hold deposits with the central bank but further balance this with motivation for panel banks to lend money to investors and support wider economic growth. Lessons from other central banks reveal the potential complexities and impacts on bank profitability must be carefully managed.
Labour are promising to grow the economy and pull the UK out of the crisis they argue the conservative led the country to. They will do this by prioritising funding into areas that need it, education, the NHS and working people.
- They have pledged to end the tax exemptions for private school and start charging them VAT to use this money for state school improvements. They plan this will raise around £1.7bn which could be used for mental health support in schools as well as improving teacher pay.
- Clamping down on tax avoidance has been on numerous party pledges which means ensuring the wealthy are paying their fair share for the economy.
- Starmer has rejected the potential idea that Labour will be increasing National insurance and has said they will cap corporation tax at the current 25%.
- They plan to invest £4bn for the green prosperity plan for GB energy, a National wealth fund and insulation plans funded by borrowing more money.
Could Plans to raise funds ultimately backfire?
Political parties make promise to fund and support certain aspects, this year there has been a focus on improvements in the NHS, education, Water companies regulation amongst others. To spend in these areas there must be money to be made and this will come from raising taxes, cutting spending in other areas or borrowing money. So, when a political party promises something there must be a plan to back it up, where is all the money coming from to support their pledges?
Labour are focusing on raising money by taxing the wealthy and large corporations such as oil and gas. Through this there could be a large pot of money to spend on the public sector and in theory we would all be happier with having a shorter wait time at the doctors or with extra pay for our work. However, by taxing the large companies, how will they stop those companies pouring this burden onto the consumer by increasing their prices?
No party so far has mentioned how this will be regulated and very little has been said about how the economy will truly grow through their plans.
Trying to be informed about finances and the economy can become challenging when abbreviations are used and not explained.
GDP stands for Gross Domestic Product.
This has become an abbreviation used to reference a point for the health of national and global economies. So, when GDP is growing this will mean workers and businesses are generally better off and the economy is usually stronger than when GDP is declining or not growing.
Real GDP growth moves in waves as the economy changes whether a boom happens or periods of slow growth which could lead to a recession. The UK recently came out of a recession which was a time where two quarters of the year suffered from output declines.
Current GDP
The Office for National Statists (ONS) report that the GDP is estimated to have grown by 0.4% in the three months to April 2024 compared with the three months to April 2023.
This means output is rising and explains the UK exiting the recession with the economy growing again.
Why is GDP important?
This measures the monetary value of final goods and services produced which transfer into the economy. Those products bought by the final user, the consumer which helps to boost the economy. This could be when you shop at the supermarket or go to a theme park. Those businesses make money from your spending as well as having to pay taxes etc. which essentially is paid back into the economy. GDP also includes some nonmarket production, such as defence or education services which is provided by the government
GDP is important as it gives information about the size of the economy and its performance. The growth rate of GDP can indicate how healthy an economy is.
The UK's economy has grown
The UK entered a recession in the later months of 2023 as the UK saw a decline in GDP of 0.5% and people across the country felt the effects of rising prices and interest rates.
This was the UK’s third recession in 16 years.
Today, the 10th May 2024, official figures from the ONS reveal the UK has exited this recession with a GDP growth of 0.6% in the months of January to March. This has been the fastest growth the UK has seen in two years and surpassed economists’ expectations.
The BBC reports that this is the strongest growth of any European G7 country.
Which sectors have helped the growth
There has been an increase in activity across the services sector since the rise in wages has outstripped inflation and eased financial pressures on consumers.
The ONS director, Liz McKeown has documented that there has been a broad strengthening across the service industries as retail, public transport, car manufacturers and health all performing well.
Does this mean prices will fall?
Prices will not fall immediately but inflation is rising slower meaning items are getting more expensive at a slower rate.
The bank of England has kept the rates at 5.25% however, they indicated at a possible cut in the summer months.
According to Zoopla, the average UK rental price is currently £1,223 which is a +7.8% increase over the last year.
Are rental prices rising higher than the growth of wages?
The Guardian have reported that there is an expected further 13% increase in rental prices by 2027. The Office for Budget Responsibility have found there is only a predicted 7.5% increase in wages for the average worker over that same time period.
The affordability of rental homes will become more difficult as wages don’t match the cost of homes.
The minimum wage in the UK has recently been increased, however, this is still not enough to combat the cost of living.
Why are rental prices increasing?
There are almost a 5th (18.8%) of UK homes which are privately rented as of 2023. This mean with so many people renting the demand for property is increasing, due to the accessibility to buying a home has become more difficult for the population. Despite House prices falling, they are still too much for many to start their journey on the property ladder which leaves many still renting.
There is a short term fall in prices
The increase in rental prices is slowing and despite the +7.8% increase, this is the slowest rate of growth seen in the last 2 years showing a gradual decline.
The demand for rented homes has dropped by a 5th over the last year as well which is causing landlords to reduce their asking prices.
Data from Rightmove shows that the average time a property is listed before either being let or placed under offer has gone from 33 days to 39. Landlords are being forced to decrease the prices and renters are saving.
Chesterton’s letting agency in London revealed there has been 41% more rental property available than in January 2023. With more property available renters can take longer to decide and also be more specific with what they want.
Rental prices are slowly falling with London experiencing the biggest inflation slowdown, currently rising at +5.1% compared to last year’s rates of +15.3%.
Despite this inflation slowdown rent is still 29% higher on average than pre-pandemic levels and this is not expected to last into the coming years.
London
London residents are paying at least 50% more for rent that anywhere else in the UK according to USwitch.
London remains the most expensive place to live and rent in the UK with the average rental prices at £2119 per month.
Matouk Bassiouny & Hennawy were the legal advisors for TSFE Infrastructure and Utilities Sub Fund (TSFE), for itself and acting on behalf of the New and Renewable Energy Authority (NREA), The Egyptian Electricity Transmission Company (EETC), and Suez Canal Economic Zone Authority (SCZONE).
With the Egyptian Prime Minister present, TSFE negotiated an agreement to develop various facilities including renewable energy power plants. This project is a significant step in promoting Egypt’s Green fuel market. The agreement was signed in the new administrative capital with the Minister of Electricity and Renewable Energy and the Minister of Planning and Economic Development present.
C2X, an affiliate of A.P. Møller Holding A/S and A.P. Møller – Mærsk A/S, aims to enable and accelerate large-scale production of green methanol in Egypt.
TSFE places infrastructure projects at the core of the Funds’ activities as they serve as a means of direct investment in Egypt’s development.
Matouk Bassiouny & Hennawy team, led by Mahmoud S. Bassiouny, provided legal advice to TSFE during this agreement.
But you may not have heard the challenges of taking a business from the first day to becoming self-sustaining.
According to government statistics, 20% of all new businesses fail within the first year and almost half within five years.
The difference between the survival and failure of a business depends on how prepared the stages of business growth an investor is, which starts with understanding the stages before you start your business. This guide explores five stages of business growth in 2023.
#1 - Existence Stage
The existence stage is the beginning of a small business's journey. At this stage, an entrepreneur actualizes what was previously an idea by starting an actual business. The business merely exists, and it's more of trying out the business idea's viability, and formal planning is almost non-existent.
More often than not, the business owner runs almost every aspect of the business. At this stage, entrepreneurs encounter difficulty getting customer acceptance and limited finances.
To survive this stage, entrepreneurs must learn about available financing options to stay afloat while investing more in product and service improvement to earn customer trust.
#2 - Survival Stage
If you have succeeded in creating a substantial customer base and not generating some revenue, your business is now in the survival stage. Making it to the survival stage is quite an accomplishment, but it doesn't get the business out of the woods yet.
You already know your idea is viable by now, so you'll be looking at its survival. At this stage, the focus should be on making consistent profits and putting systems in place for scaling. Your need for human resources will increase, but before you take in new hires, it is best to leverage technologies to enhance the efficiency of the available resources.
For example, if you are in the brewery industry, you can use Ollie or similar software solutions rather than increase your workforce. Investing in the right tools helps you streamline inventory control for your brewery, get the most out of the existing workforce, cut your overhead cost and record more profits.
#3 - Success Stage
Also known as the maturity phase, the success stage is the phase where the business can be said to be making significant profits in thriving. Most entrepreneurs consider bringing experts such as sales executives and other departmental leaders at this stage. With expansion control, the entrepreneur can finally relinquish some important roles of running a business they had held from the existence stage.
At this stage, the investor doesn't have to keep worrying about surviving, not to mean that failure is out of the question. Instead, the focus is on continuing the trend of success and making even more profit.
Also, it's at this point where as an entrepreneur, you can talk about having your money work for you, unlike other stages where you have to work for your money.
#4 - Take Off Stage
After months in the success stage, most businesses will enter the take-off stage. At this stage, companies experience exponential growth, which is the reward for spending time building your business.
The main concern in the take-off stage is the expansion and how to fund that expansion.
Different organizations and businesses will choose different paths for expansion. For some, it will be merging and buying into companies. Others may be looking at developing new products or moving into new markets.
#5 - Maturity Stage
The maturity stage is the stage at which a business can be said to have achieved the highest level of success. The highest level of success can mean different things to two different entrepreneurs or organizations. But as a general rule, a business has matured if it is an industry leader.
Also, the business must have almost exhausted all growth opportunities in its current market. The greatest challenge for businesses at this stage is stagnation and decline. Applicable strategies to counter these challenges include exploring new markets and focusing on innovation and the development of new products.
Emerging markets and simplifying cross-border trade
Many businesses are looking to trade with customers in new, fast-growing and emerging markets to become less dependent on domestic markets that have either met full potential growth, are stagnant or are in decline.
As such, cross-border transactions are growing fast, with global transactions increasing from $29 trillion in 2019 to $39 trillion in 2022. Underpinning this surge were factors like global trade improvements, cross-border B2C payments, growth in online businesses and borderless e-commerce.
As an outcome, and to compete in the global marketplace, businesses around the world are turning to their banks and fintech partners for faster, securer and more transparent payment solutions.
Online payments allow merchants and consumers to conduct cross-border trade in goods in which they have a comparative advantage. At the click of a button, people can purchase products and services from across the world. In 2021, 2.14 billion people – almost a third of the world’s population – bought goods and services online. Another survey found that in the European Union (EU), 74% of internet users had shopped online.
Transactions in a global digital marketplace across countries depend on sellers and purchasers using compatible payment systems. In many parts of the world, this is tricky. Europe, for example, has differences in payment preferences across member states and is partly the inspiration behind a Single European Payments Area (SEPA) – whereby customers can make cashless payments via credit transfer and direct debit anywhere in the EU and in many non-EU countries, including the UK.
Here, using alternative payment systems designed to be compatible with widely used payment methods, like PayPal, improve interoperability and alleviate some of these issues.
Facilitating SME growth
Small and medium enterprises (SMEs) are as central to economic growth and employment as they are to innovation.
Access to more traditional online payments can be difficult for unproven enterprises, so alternative payment systems have emerged as the solution for many. In providing a single easy payment mechanism, merchants can circumvent banks and card companies and instead engage with a single service provider and ensure customers can have their preferred payment method – whether a debit or credit card, bank account or other.
According to the European Commission’s Annual Report on European SMEs 2021/22, SMEs constituted about 99.8% of all European enterprises and contributed about 65% of overall employment, highlighting their economic importance. Alternative online payments support the growth and further expansion of SMEs online, enabling them to enter new and emerging markets by harnessing online trade – and supporting the domestic economy.
Without access to alternative payment methods, many SMEs would be without the support to trade globally.
Artificial intelligence (AI) and Software-as-a-service (SaaS) expansion
AI has supported many enterprises’ efforts to bring in new revenue streams. Now, digital payment systems are increasingly looking to harness its possibilities. It can be applied to help with data storage capabilities, predictive models, and user experience and empowerment.
It can also support compliance, fraud detection, and cybersecurity. To protect a user’s financial security, AI-powered algorithms can analyse payments and transactions, gather data from different online payments and transactions, learn the patterns from former fraud cases, and determine a pass or fail verdict in near real-time.
AI minimises fraud for complex, high-volume transactions and human error in flagging suspicious transactions and will significantly impact the overall fraud resistance of digital payment systems. It can also be used by businesses to determine how best to pay suppliers or enhance customer service and expand market research.
With a talent shortage and a limited pool of graduates with specialist data skills impacting the ability of businesses to see through their digital transformation projects – AI can help here too. Taking on repetitive and time-consuming tasks so employees are free to handle more complex tasks where a human touch is needed.
Steered by the talent and skills conundrum, SaaS is of growing relevance for many businesses. Finding data engineers to build workflows and a skilled team to operate and manage the platforms the business uses is critical. As such, SaaS is becoming more appealing for businesses so that the only focus for business leaders is using the service while leaving the configuration, optimisation, fine-tuning, and performance management in the hands of an expert.
Digital adoption and its paperless, task-automated systems bring more environmentally friendly business practices. Today, customers, staff, and investors judge businesses by their approach to sustainability and make decisions based on environmental, social, and governance (ESG) criteria. As a result, every organisation must have a strategy with corporate social responsibility (CSR) measures at its core.
Sustainability
Digital adoption and its paperless, task-automated systems bring more environmentally friendly business practices. Today, customers, staff, and investors judge businesses by their approach to sustainability and make decisions based on environmental, social, and governance (ESG) criteria. As a result, every organisation must have a strategy with corporate social responsibility (CSR) measures at its core.
All industries are looking to adopt greener practices, and fintech and financial services providers are no exception. As with most sectors, banks and financial services providers rely increasingly on data centres. With greater scrutiny on sustainability, there’s a growing appetite for data centres that use sustainable energy. And the supply is there, with some even sporting carbon-negative credentials and the ability to provide energy back to the grid to support during spikes in demand.
The expectation for sustainable measures remains high for all businesses both front of house and behind the operational scenes – any organisations showcasing their CSR role in the market, and supporting sustainable initiatives and practices, will need to be authentic. Get it right and it could also contribute to attracting talent as you expand.
Powering growth in global markets for prosperity
Global payments make cross-border trade possible – opening businesses to emerging markets and facilitating SME growth, the backbone of a domestic economy. Having a provider with the right expertise in the regions you want to operate is critical to unlocking new markets. Complemented with AI to improve and streamline operations and SaaS expansion to help with the global skills shortage, even small businesses have the opportunity to bring in international custom.
The next few years will be rough for many businesses, but understanding past and present trends can help explain how best to weather them. And with this knowledge, you’ll be well placed to put your business in a position where, come the end of the recession, it’s ready to take advantage of the following stability.
Be decisive
Decisiveness is a key quality for any business leader. When you're in charge, you can't afford to second-guess yourself or dither over every decision. Of course, that doesn't mean that you should make rash decisions without considering the consequences. But it does mean that you need to be able to trust your instincts and make quick decisions when necessary.
A good example of decisiveness in action is when former General Electric CEO Jack Welch was faced with the decision to downsize his company during a difficult economic period. Welch didn't hesitate to make the tough call, and it paid off in the long run. Also, when you're decisive, people are more likely to trust and respect you as a leader.
Get a master of business administration
If you want to be a great business leader, it's a good idea to get a master of business administration. An MBA will give you the theoretical knowledge and practical skills that you need to be successful in business. In addition, an MBA from a top school will open doors for you and help you network with other successful leaders. Also, many of these programs offer concentrations in areas like leadership, which can be beneficial.
Moreover, when you have an MBA, people are more likely to take you seriously as a business leader. This means that you'll have more credibility and authority in the business world. Also, an MBA can help you advance your career and earn more money. So if you're serious about becoming a great business leader, getting a degree is a smart move.
Be a better communicator
As a business leader, it's essential that you're able to communicate effectively with your team. After all, how can you expect to get your point across if you're not articulate? When communicating with your employees, make sure that you're clear and concise. Be respectful, but don't be afraid to give constructive criticism when it's warranted.
It's also important to remember that effective communication is a two-way street. In other words, you should also make an effort to listen to your employees and get their feedback. After all, they're the ones doing the work, so they probably have some good ideas about how things could be improved. By making an effort to communicate effectively, you'll build trust and respect with your team.
Become more self-aware
Self-awareness is another important quality for any business leader. If you're not aware of your own strengths and weaknesses, it's difficult to make the right decisions and lead your business effectively. To become more self-aware, take some time to reflect on your successes and failures. Also, try to get feedback from others, including your employees.
You should also be aware of the impact that you have on others. This means being able to read other people's emotions and understanding how your words and actions affect them. If you're not sure about something, don't be afraid to ask for advice from someone who's more experienced. The more self-aware you are, the better leader you'll be.
Set clear goals for your employees
As a business leader, it's important to set clear goals for your employees. This way, they'll know what's expected of them and they can be held accountable if they don't meet your expectations. When setting goals, make sure that they're specific, measurable, achievable, relevant, and time-bound. Also, involve your employees in the goal-setting process so that they have a sense of ownership.
In addition, it's important to keep your employees motivated. This means providing them with the resources and support that they need to be successful. Also, make sure that you give them regular feedback so that they know how they're doing. By setting clear goals and keeping your employees motivated, you'll be more likely to achieve success as a business leader.
Be flexible
As a business leader, it's important to be flexible. This means being open to change and willing to adapt to new situations. For example, if your company is facing a difficult situation, you might need to make some changes in order to stay afloat. Also, if you're launching a new product or service, you'll need to be flexible in order to make it a success. To be a successful leader, you need to be able to roll with the punches and adapt to change.
Flexibility also means being open to different points of view. Just because you have a certain opinion doesn't mean that it's the only valid perspective. It's important to listen to others and consider their opinions before making a decision. By being flexible, you'll be able to make better decisions and find creative solutions to problems.
Lead by example
Finally, it's important to lead by example. If you want your employees to be honest, hardworking, and respectful, you need to set the tone for yourself. Also, if you want your team to be successful, you need to show them what it takes to achieve success. By leading by example, you'll earn the respect of your employees and set the stage for a successful business.
If you want to become a better business leader, there's no magic formula. However, by following these tips, you can improve your chances of success. Remember, being a successful leader takes time, effort, and practice. So, don't get discouraged if you don't see results immediately. Just keep working at it and you'll eventually become the leader that you want to be.
There you have it! Becoming a better business leader requires self-awareness, clear goal-setting, flexibility, and leading by example. If you can work on these four areas, you'll be well on your way to success. Just remember the importance of taking things slowly and consistently practising your leadership skills. With time and effort, you can become the leader that you want to be.
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The UK economy grew by a record 15.5% from July to September, according to new figures released by the Office for National Statistics (ONS) on Thursday, ending a six-month recession induced by the first wave of the COVID-19 pandemic and subsequent lockdown measures.
The figures match the ONS’s initial estimate of GDP growth in Q3, though they fall short of economists’ predicted growth of 15.8%. Nevertheless, the July-September growth of 15.5% represents the largest quarterly jump in GDP the ONS has posted since records began in 1955.
UK GDP contracted by a fifth in Q2, the most extreme slump on record – and analysts have warned that the economy is likely to shrink again in the run-up to 2021 as renewed lockdown measures have been imposed across England, set to continue until 2 December.
In its release, the ONS noted that the Q3 recovery was driven in large party by household spending, while business investment remained “much weaker”. Though the recovery since July has been encouraging for investors, the UK economy as a whole remains 10% below 2019 levels.
September-specific data from the ONS revealed that the economy grew by 1.1% during the month, indicating that the pace of the UK’s economic recovery has slowed significantly.
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“Today’s figures show that our economy was recovering over the Summer, but started to slow going into Autumn,” said Chancellor Rishi Sunak in a statement. “The steps we’ve had to take since to halt the spread of the virus mean growth has likely slowed further since then.”
Samuel Tombs, Pantheon Macroeconomics’ chief UK economist, predicted that GDP would shrink by around 0.5% during Q4, with little chance of recovering to September levels until spring of 2021.
New data from the Office for National Statistics (ONS) has revealed that UK government debt passed £2 trillion for the first time, reaching £2.004 trillion in July -- £227.6 billion more than last year’s figure.
The unprecedented rise in government borrowing in 2020, with the months of April to July each posting the highest levels of borrowing since records began in 1993, can be credited to spending on anti-COVID-19 measures like the Coronavirus Job Retention Scheme. ONS remarked that this is the first time that government debt has risen above 100% of GDP since the 1960-61.
Ruth Gregory, senior UK economist at Capital Economics, noted that July’s borrowing figure of £150.5 billion “is close to the deficit for the whole of 2009-10 of £158.3bn, which was previously the largest cash deficit in history, reflecting the extraordinary fiscal support the government has put in place to see the economy through the crisis."
Coinciding with the new release on government debt, further data showed that activity in the UK’s private sector grew at its sharpest rate since 2013 during August. The Composite Purchasing Managers’ Index (PMI) read at 60.3 on Friday, beating analysts’ expectations and easily surpassing July’s figure of 57, indicating accelerated growth across the sector.
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“The combined expansion of UK private sector output was the fastest for almost seven years, following sharp improvements in business and consumer spending from the lows seen in April,” commented Tim Moore, economics director at HIS Markit.
Meanwhile, separate figures from the ONS also revealed that the UK retail sector rebounded faster than expected between June and July, with a 2% increase in sales volume where analysts had predicted only 0.2%.
The quantity and value of total reported also saw an increase of 4.4% from February, beating pre-lockdown figures.
