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UK economic rebound came at a price – and there’s more to pay

Analysis: Recovery after the first Covid lockdown was faster than expected, but massive borrowing continues

Never in history has the UK economy grown more quickly than it did in the third quarter of 2020. Official figures show that the spending spree of the summer was even stronger than previously expected, resulting in a 16% increase in national output.

Yet the packed beaches, the busy shops and the battle to get restaurant bookings during August’s eat out to help out promotion already seem like ancient history. It is of only passing interest that the Office for National Statistics now says the slump in gross domestic product in the spring was slightly less severe than first feared and the rebound between July and September was a tad stronger.

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Read the original article at The Guardian

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