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Bank of England sets out plans to wean UK economy off stimulus

Bank of England sets out plans to wean UK economy off stimulus
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The Stay-at-Home Recovery Could Outlast the Pandemic

A The UK’s “Freedom Day” has been declared a damp squib by taxi firm Addison Lee, and it’s hard to disagree. Even with hospitalizations and deaths low and cases falling mobility is plateauing and below pre-pandemic levels in some areas. Brits are exercising their freedom to mingle selectively. We are a long way from the celebrations reported by historians after the Black Death. The economic implications will matter for all governments trying to work out where society goes after Covid. It’s the unevenness of Brits’ movement after an end to Covid curbs, rather than the overall level, that’s glaring. According to Office for National Statistics data public transport usage is only at 84%, despite road traffic being totally back to normal. Retail footfall is only at 75% of standard levels suffering perhaps from a lack of office workers milling around in their lunchtimes. Credit and debit card spending is still 8% below February 2020 levels.

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