"The UK faces a dilemma as it begins to consider the release of lockdown as despite a high level of pent-up demand which is likely to see inflation begin to rise, there will still be a massive overhang of businesses struggling to get back to where they were pre-Pandemic let alone begin to grow past that level.

It will be a virtually impossible square the circle, as on the one hand retail is expected, despite the damage caused to its balance sheets, to see an impressive bounce back while manufacturing and services struggle to retain customers and compete for orders.

The Chancellor will want to project optimism in his budget but will be acutely aware that reducing support by any meaningful amount could spell disaster.

This means that Monday’s announcement from the Prime Minister of the roadmap for the gradual withdrawal of restrictions will be critical to both the economy and the social welfare of the population.

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