We might never get over the fear that the pandemic induced

Covid-19 taught us to be cautious, but that will make economic recovery all the more difficult

When things get back to normal" was almost as common a phrase as shall we Zoom?" in the early days of this pandemic. We've since been on a steep learning curve. Not a soul thinks that the thing missing in their life is another video conference, and our expectations have caught up with the reality that we'll be living with the effects of Covid-19 for years to come.

In the economics sphere, this has seen confident predictions of immediate V-shaped recoveries give way to a focus on the damage that high, lasting unemployment might do. Ongoing social distancing will mean that many firms will be smaller or not viable until a vaccine turns up.