In particular, consumer-facing services sectors, such as tourism, hospitality and retail services sectors, which are also more labour-intensive, have and will continue to be slower to recover.9 Overall, the macro-economic outlook remains highly uncertain and will depend on the economic consequences of the COVID-19 pandemic and its containment.
Moreover, there is considerable uncertainty about the future trading arrangements between the EU and the UK, with significant risks of additional stress in the absence of a deal being ratified.