Britain’s new coronavirus restrictions will test optimism about economic recovery | Larry Elliott | Business

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Reconomic deals are here to be broken, so it would be unwise to pretend that the economies of the United States or the eurozone will never perform worse than what was seen in the spring of 2020. It would take, however, some something really spectacular: a nuclear war, a meteor blow, a pan-continental climate catastrophe or a pandemic more serious than Covid-19.It is worth considering for a moment the gravity of the recent economic news. The UK lags a little behind the US and the Eurozone and won’t release its second quarter growth figures until August 12, but the economy is already known to have contracted by around 25% in just two months – March and April. Even with a pick-up in activity in May and June, activity was still probably around 15% below its pre-crisis level at the start of the third quarter.

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