Greece mourns youngest Covid victim, 37-day baby










Tunisia set to receive first coronavirus jabs










China’s Sinovac jab effective against Brazil variant, preliminary study suggests










Post-Covid consumer spending boom ‘implausible’, says Treasury official

The prospects for a consumer spending boom after lockdown have been downplayed by a senior Treasury official, amid warnings that wealthier families have saved more than low-paid workers during the pandemic.

Charlie Bean, a former Bank of England deputy governor who sits on the government’s budget responsibility committee, said it would take several years for households to spend £180bn in extra savings accumulated mainly by retirees and higher-paid workers during the crisis.

Casting doubt over forecasts for rapid growth in spending once Covid rules have been relaxed, he told MPs on the Commons Treasury committee: “The idea that people will make up for lost consumption by spending it all over the next few quarters once the economy has reopened, I find implausible. It is much more likely it’ll be spread out over several years.”

Ministers are hoping such a surge could kickstart Britain’s economic recovery once lockdown restrictions have been removed this summer. Andy Haldane, the Bank’s chief economist, argued in a Daily Mail article last month that the economy could benefit from “enormous amounts of pent-up financial energy waiting to be released, like a coiled spring” as shop, pubs and restaurants reopen.










US airlines ask Biden to back Covid travel guidelines










Pfizer vaccine effective against Brazil variant










Summary





This content first appear on the guardian

Leave a Reply

Your email address will not be published.