"While it was expected that he would by now be looking at ways to repay some of the borrowing that is running at a peacetime high, he is still on the frontline putting out fires.
The expectation remains that the vaccine will ultimately be the panacea that cures the country but economically the effect of the current lockdown, without even considering Brexit will take a considerable time to recover from.
A panel of analysts when asked their view on how long it will be before the economy is back to the pre-Covid level, the average response was two years’ time. Some even believe that it could take appreciably longer than that, possibly the entire length of this Parliament.
Estimates put the hit to the economy from the current lockdown at 3% in this quarter. With flash estimates for Q4 expected early next month a recession appears unavoidable, although the brief lowering of restrictions in October may have provided a degree of impetus before lockdown 2 took hold.
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