UK PM Johnson says will set out what Step 4 of easing restrictions will look like in the next few days

Remarks by UK prime minister, Boris Johnson

• We're seeing a big increase in cases but not translating to big increase in deaths
• Vaccine rollout appears to have broken link between infections and deaths
• There may be some extra precautions we still have to take

With Johnson playing down the latest increase in cases, that sets the tone for what to expect going into the summer. The question now for the UK economy is that once the pent-up demand fizzles, will consumption activity keep at robust levels? Otherwise, the BOE may have yet another predicament to ponder upon in 2H 2021.