Covid vaccine to see Brits splash cash on partying and holidays in new 'Roaring 20s'
THE Covid-19 vaccine could see Brits splash the cash on partying and holidays in a new "roaring 20s", experts have predicted.
Analysts predict that with the vaccine roll out, the spending after April will bounce back "very quickly" – similar to what happened following the influenza pandemic in 1918-1919.
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Dr Nicholas Christakis, a social epidemiologist at Yale University predicts that once the threat of the virus has faded, humans will itching to get out and spend money and meet others after months indoors.
It mirrors the Roaring '20s, which came after a decade marked by brutal bloodshed in the First World War and the death of an estimated 50 million people during the Spanish Flu pandemic.
Historians have argued that the younger generation’s close brush with death and tragedy resulted in an explosion of art, culture and decadent spending.
Major cities such as New York, London, Paris and Berlin saw economic prosperity as the down-trodden lived life to the full, wearing beautiful flapper dresses and dancing to modern Jazz music.
Nations saw developments in aviation, technology and industry while movie stars and celebrities flourished on the silver screen.
The Yale professor believes a similar era of wild parties and luxury may take hold after the Covid-19 pandemic as locked up Brits look to make the most of having their freedom once again.
A 'life is too short' attitude that people may now have, could mean a repeat of the roaring '20s is on the cards – exactly 100 years on.
Think tank Resolution Foundation has said the economy could be six per cent smaller by Easter, but it is likely to followed with a surge in spending.
Chief executive Torsten Bell has warned that "the return of a 'roaring 20s' feel to hospitality does not mean the whole economy will automatically return to full health".
The think tank warns that rising unemployment may mean household incomes fall even during a recovery.
The pandemic has seen richer households saving large sums as they stop spending on services, while poorer workers in those industries have lost their jobs and resorted to borrowing to cover day-to-day expenses.
The experts warn that with the end of the furlough scheme, unemployment will rise and incomes will fall.
The report says: "And while everyone rightly wants to get back to normal, no-one should think we came through this crisis only to see the better off eating out while poorer families struggle with higher debts."
A Treasury spokeswoman responded: "Our priority is protecting, supporting and creating jobs. That is why, through our plan for jobs, we've invested £280 billion to protect millions of jobs and businesses across the UK.
"But our plan goes further than this. We're also creating jobs through our £2 billion kickstart scheme, tripling traineeships, incentives for firms hiring apprentices and doubling the number of work coaches, so that nobody is left without hope or opportunity."
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