Last week’s evidence on how well the economy is bearing up to the pain of the current lockdown was mixed. Retail sales in January fell by more than expected, but February’s flash PMIs pointed to activity stabilising.
Clearer was the fiscal cost of aiding the economy, evident in another month of elevated public borrowing. The government’s ‘roadmap’ for easing lockdown, due next week, should give more clarity on the timing of recovery.
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