Output recovered just over half of its H1 plunge last quarter. The onus is on services consumption to recover most of the remaining half – services spending was still 9% below its Q4 2019 level last quarter. And while the government’s “Go To” campaigns have been a tailwind to spending on services in recent weeks, they’re now likely to end as the government seeks to reign in a third wave of coronavirus. That could put the handbrake on the economic recovery over the coming months.
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