Shifting sands of recovery make the way unclear for the service sector

Banking and property did well even in lockdown, but businesses such as office services and retailing may see profound change

Without any fuss, the UK financial services industry has clambered back to its pre-pandemic level and even added two percentage points of growth since February 2020, according to official figures last week.

Banks and insurance companies may have slimmed down their staff, but customers have kept borrowing and saving, making the sector one of the few to have exceeded previous levels of activity.