Comments by UK finance minister, Rishi Sunak

  • June GDP figure was encouraging, there are promising signs
  • But it won't feel like a V-shaped recovery if you have lost your job
  • There is good progress in several areas of Brexit negotiations
  • But there are gaps on a couple of big issues
  • Extending Brexit transition would not be the right thing to do

Once again, the latter stages of Q3 and Q4 will be the crucial period in assessing the actual strength of the UK economic recovery. The fear is that once the furlough program expires, labour market conditions will deteriorate and disrupt the recovery process.

As for Sunak's remarks on Brexit progress, it's nothing we haven't heard of before.