There was a time, in the wake of the first wave of COVID-19, that politicians and economists yearned for a V-shaped recovery – an immediate bounce-back from the financial devastation of lockdowns.
The second wave put paid to that, and as we tiptoe out of the most recent restrictions, the line drawn by GDP is starting to look more like an England supporter’s ECG than a smooth path back to economic health.
For the third consecutive month, GDP growth slowed in May. The increase of 0.8% was a fourth consecutive month of growth – almost inevitable given the restrictions on personal and professional life that applied at the start of 2021 – but only half of what had been forecast.
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What growth there was came from hospitality where restaurants and hotels, closed to indoor trade by…
