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New variants and slow reopening to force UK into miserable four-year recovery Niesr analysts predict Britain’s GDP may not return to pre-Covid levels until late 2023 or even 2024 after 10pc crash 8 February 2021 • 2:58pm Britain could plunge into a long depression as new Covid variants and grinding restrictions on normal life prevent a full recovery for years to come, experts at the National Institute of Economic and Social Research (Niesr) have warned. Lingering strains of coronavirus could force politicians to keep social distancing measures in place for longer, the think tank said, prompting nervous businesses to hold back on investment and cautious households to continue saving money they would otherwise spend. ....
Boris Johnson rode to victory last year on a wave of support for Brexit and promises of ‘levelling up’. Picture: Getty Images It may seem like a lifetime ago, but it was merely a year past last weekend that Boris Johnson led the Tory party to a thumping victory set to the beat of Brexit and accompanied by lyrics of “levelling up”. At the core of this anthem was the view that Britain, set free from the shackles of overbearing EU bureaucracy, could now embark on a journey to overhaul its desperately lopsided economy by spending money on projects that would bring prosperity to all. ....