Connect with us

Hi, what are you looking for?


Covid vaccines could make restaurants boom again in 2021


The release of coronavirus vaccines will lead to a boom in Britain’s hospitality industry similar to the “Roaring Twenties” but not before the economy suffers from the latest lockdown restrictions, a think tank has forecast.

The economy could be 6 per cent smaller by Easter than the government’s independent budget watchdog estimated last month, according to the Resolution Foundation.

This is likely to be followed, though, by a surge in spending in restaurants, bars and hotels later in 2021.

Torsten Bell, chief executive of the think tank, said: “2021 offers light at the end of the tunnel, but it’s going to be a bumpy ride getting there. The return of a ‘Roaring Twenties’ feel to hospitality does not mean the whole economy will automatically return to full health. Rising unemployment means household incomes may actually fall even as GDP recovers.”

Boris Johnson has raised hopes that life will start to return to normal next year and said last week that Britons could look forward to “a very different world” from Easter onwards.

The Office for Budget Responsibility forecast in November that the economy would grow by 6 per cent in the first three months of next year but this was before fears erupted over the emergence of the new strain of Covid-19, which is considered to be more transmissible than earlier versions of the virus.

Stricter lockdown measures have since been imposed to bring down infections and the Resolution Foundation estimates that the continuation of restrictions into next year will mean there is zero growth between January and March. It has forecast that growth in the next year as a whole will decline from 5.5 per cent to 4.3 per cent.

By Easter, however, everyonein the UK aged over 65 could be vaccinated against the virus, meaning that social distancing measures could be relaxed by the government, the think tank said. This is likely to result in a jump in demand to eat out and socialise among better-off households, which have hoarded savings since the start of the crisis because they have spent less during the lockdowns.

The UK became the first western country to authorise a coronavirus vaccine by approving the one developed by Pfizer and Biontech. On Christmas Eve the government said that more than 600,000 people had received their first dose of the jab.

Read more:
Covid vaccines could make restaurants boom again in 2021

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Diego Gabriel C. Robles THE Philippine economy expanded by 7.4% in the second quarter — slower than expected — as rising inflation weighed...


By Abigail Marie P. Yraola, Researcher THE Philippines’ merchandise trade deficit hit another record in June as imports continued to outpace exports despite a...


THE National Government’s (NG) outstanding debt as a share of the gross domestic product (GDP) eased to 62.1% at the end of June. Data...


By Keisha B. Ta-asan SOURED LOANS held by Philippine banks fell for a fourth straight month in June, bringing the nonperforming loan (NPL) ratio...


Smart says third telco player’s PCC complaint meant to avoid liability By Arjay L. Balinbin, Senior Reporter GLOBE Telecom, Inc. on Tuesday said it...


DMCI Holdings, Inc. reported on Tuesday that its second-quarter consolidated net income went up by 73% to P9.03 billion from P5.23 billion, driven by...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.