Britain’s Covid recovery will be ‘propelled by savings splurge and Roaring Twenties-style boom’

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BRITAIN’S Covid recovery will be propelled by a splurge from savings, experts believe.

They predict a repeat of a century ago with a Roaring Twenties-style boom.

Experts believe Britain’s Covid recovery will be propelled by a splurge from savings with a Roaring Twenties-style boom

Resolution Foundation chief Torsten Bell said the build-up of savings in the pandemic was good news for a recovery.

He said it echoed the 1920s, with the end of Spanish flu and the First World War leading to Great Gatsby-style parties.

Mr Bell said: “People were desperate to get out and have a good time. It’s called the Roaring Twenties for a reason.”

A senior minister added: “Next summer, by the time the vaccine is rolled out, is going to be one big, long party.”

It comes after the Government’s budget watchdog warned the economy would be three per cent smaller by 2025.

However the Institute for Fiscal Studies claimed the Covid fallout might be overestimated.

Boris Johnson paved the way for tax rises and spending cuts

The PM yesterday paved the way for tax rises and spending cuts.

He warned fiscal prudence would cut the £2.8trillion government debt mountain.

The IFS says VAT may rise.

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