For the Bank of England, see Bank of England (2021), Key Elements of the 2021 Biennial Exploratory Scenario: Financial Risks from Climate Change (London: BOE, June). Return to text 11 See Sergio Correia, Stephan Luck, and Emil Verner (2020), “Pandemics Depress the Economy, Public Health  Interventions Do Not: Evidence from the 1918 Flu,” working paper, June.
In sum, an uptrend in private consumption is expected to become evident as the impact of COVID-19 wanes gradually and employee income increases. It is projected that the virtuous cycle that has started to operate in the corporate sector will spread to the household sector, thereby intensifying the cycle in the overall economy.