Rob Wood and Elliott Jordan-Doak of Pantheon Macroeconomics stated in a report that the upward revision of the UK's Manufacturing Purchasing Managers' Index (PMI) for April aligns with other indicators, suggesting that the country's economy is performing well despite the surge in energy prices.

The manufacturing PMI for April was 53.7, higher than the preliminary value of 53.6 and March’s 51.0. According to these economists, this indicates that, despite the surge in oil prices, market sentiment improved in the period from the end of the initial survey on April 21 to the end of the final survey on April 27. New orders, export orders, and employment all showed improvement. They stated that although some of the demand reflects businesses taking early action in anticipation of supply disruptions, this improvement may prompt Pantheon Macroeconomics to revise its expectation of zero economic growth for the second quarter.