According to economists, a recovery as fast as Haldane predicted seems difficult. “Although quarantine restrictions are lifted, consumers are much more cautious than expected,” said EY Item Club's chief economic adviser, Howard Archer. In our opinion, unemployment and business investments, along with consumer confidence, will be the determining factors in the recovery of the economy. The British economy may have left the worst period behind, but the climb seems likely to take much longer than expected. ”
The government lowered taxes and made support payments to encourage people to spend. Treasury chancellor Rishi Sunak removed VAT in the hospitality industry. He also pledged to pay a thousand pounds of support for each employee until the end of October. However, it was criticized that the 30 billion dollar package mostly supports the tourism and restaurant sector and ignores other sectors.
British Central Bank said last month that it would transfer 100 billion pounds to the economy to help combat the 'unprecedented' crisis caused by the corona virus outbreak.