With bad news on jobs, and ongoing risk from Covid-19, hopes for a V-shaped recovery look misplaced
How quickly can Britain’s economy rebound after the pandemic? Last week, the chancellor, Rishi Sunak set out an upbeat recovery vision, with a plan to get restaurants buzzing again. It was perhaps the swiftest gear change in years: just days earlier, restaurants in England were banned from opening. In Leicester, they remain closed. But from August the government will pay 50% of diners’ bills in an attempt to get them eating out.
This week the economic outlook is likely to be much less appetising. On Tuesday, the tax and spending watchdog, the Office for Budget Responsibility, will publish a report on the path ahead for Britain. It probably won’t make for uplifting reading.
Footfall on high streets is at half last year’s levels, even after non-essential shops, pubs and restaurants reopened