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Andy Haldane is right to warn that the UK’s recovery might not be sustainable – or fair

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Andy Haldane, the chief economist for the Bank of England, writes in this week’s New Statesman that “most people seem keen to make up for the lives they have not been living for the past 15 months, with huge pent-up demand for holidays, hospitality and other types of social spending”. The £200bn of “accidental savings” imposed by the pandemic are set to turn into a summertime spending spree that will, owing it to travel restrictions, occur largely within our borders.

The British Chambers of Commerce published its latest economic forecast this week, in which it predicted that if the government’s roadmap for opening up is followed, the “release of pent-up demand” in consumer spending will boost the UK’s GDP growth for 2021 to 6.8 per cent – “the strongest outturn since official records began in 1949”.

But this demand is being unleashed into a world of shortages. Among the wider effects of the pandemic are........

© New Statesman

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