With COVID-19 infections surging and the government turning to much broader and tighter restrictions, we fear that the economic recovery will soon go into reverse. That’s why we think the Chancellor will be forced to step up his support, perhaps by bolstering the Job Support Scheme so that instead of paying 66% of employee salaries the government pays 80%. We also think the Monetary Policy Committee will announce at least another £100bn of QE at its next meeting on 5th November.
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