But sustained growth is likely to require increased investment and that is more likely to require some additional external finance. As it is, non-property-related business lending once again appears to be rising at a reasonably healthy pace. A return to sustained fiscal surpluses will, over time, mean a fall in the level of net public debt.
In fact, we would even get an extra boost from pent-up demand. For instance, as showrooms reopen, car sales could bounce back, fuelled by a rebound in household income and low borrowing costs. We could see a similar rebound in home resales and home construction, as transactions and projects that were put on hold restart.