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The global economy is in crisis. We are experiencing the steepest and likely shortest recession of our lifetimes, albeit with a protracted and uneven recovery. The UK has been hit hard by the COVID-19 pandemic, both from a human and an economic point of view. However, a number of policy measures are helping in cushioning some of the downsides. The good news is that as measures are being eased, the worst in macro is likely behind us. Yet while concerns are abounding, Brexit looms large on the horizon, adding additional risks to the outlook.

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