The UK is continuing to emerge from the third set of national lockdowns. The ONS reported that GDP grew by 0.8% in May 2021 month-on-month, considerably slower than the 2.3% observed in April. May’s figure incorporates the impact of the second stage of restriction easing on 17th May, which delivered 0.9% growth in the services sector, driven by a 37.1% increase in accommodation and food services output. From a real estate perspective these aspects of the trade deal are most relevant to the retail and industrial sectors and are a far better outcome than a ‘no-deal’ or a deal with tariffs and quotas would have been.