Caution needed over bounceback optimism as booms in Britain have tendency to end in busts | Larry Elliott

The UK is beating Covid economic recovery expectations but there should be a degree of wariness

Almost every indicator is pointing in the same direction. Footfall on the high streets is up. Payments by debit and credit card are rising. The strongest business surveys since 2013 suggest that the Brexit hangover was short-lived. Firms are starting to hire. The housing market is red-hot.

Growth estimates are being revised up sharply amid signs that consumers didn't even wait for lockdown restrictions to be lifted before going on a spending spree.

Rapid recoveries are what is needed to limit the long-term scarring from the pandemic