Coming into the new year, investors had their minds set on the prospect of an economic revival during 2021. With the impact of last year's volatility an all-too-present memory, government rhetoric encouraging a sustainable and widespread recovery raised hopes for a strong start to the year.
The first few months have indeed been bumpy. The short-term economic impact of the UK's exit from the European Union will be small in comparison with the slump in output brought about by the pandemic. Recent figures from the Office for National Statistics show the economy shrank the most in 300 years in 2020. Despite this, there is reason to be optimistic. The UK is ahead of other European countries in vaccinating its population, and if daily rates remain at their current level, we will likely achieve herd immunity by mid-July, which implies an earlier exit from lockdown and a quicker...
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