Q, U, V or W: what shape will Britain's economic recovery be?

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Bank of England says it’s a V so far. But data suggests the spending revival could wane in autumn

As we struggle back towards a new, socially distant normal, among economists the letter debate continues. Will the recovery be a V or a U or a W in shape? My favourite is a Q, where we go round in circles for a while before breaking out.

Andy Haldane of the Bank of England, who monitors real-time indicators assiduously, has ruled that it is “so far so V”, as there has been a fairly robust recovery in some types of spending.

Related: UK’s full economic recovery could take until 2024, says EY report

Related: Lloyds bank loses £676m as it warns on the cost of Covid-19

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