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Monday, May 17, 2021

Britain is cash-rich and ready to shop, says Sunak

Britain is cash-rich and ready to shop, says Sunak

Sunak hails impact of £240bn lockdown savings
Cash-rich households and businesses are poised to supercharge the economic recovery this year as they spend their lockdown savings, the chancellor has said.

People have tucked away about £140 billion over the past year, £100 billion is sitting on corporate balance sheets, confidence has rebounded to pre-pandemic levels and activity is picking up quickly, Rishi Sunak told The Wall Street Journal’s CEO Council Summit.

“As we look forward to reopening over the coming weeks and months, there are signs to be cautiously optimistic and we can see that in the data. I’m hopeful that will be sustained through the rest of the year,” he said.

Sunak was speaking shortly after a private sector survey showed that UK factory activity had expanded at its fastest pace.

Quote of the Day

“If no one had an army, armies would not be needed. But the same can be said of most lobbyists, PR specialists, telemarketers, and corporate lawyers. Also, like literal goons, they have a largely negative impact on society. I think almost anyone would concur that, were all telemarketers to disappear, the world would be a better place.”
― David Graeber, Bullshit Jobs: A Theory

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