It is three years this month since the UK went into lockdown and the path of the economy over that period is now strikingly clear. There was an instant collapse in activity that reduced output by more than a quarter followed by a two-stage bounceback interrupted by a second lockdown.
By the end of 2021, the economy – as measured by gross domestic product (GDP) – was pretty much back to where it was before the coronavirus pandemic struck. Over the past 12 months it has remained at that level rather than returning to its pre-lockdown growth path.
