Indeed. But as many sectors have been much less affected, and those employed in them have been less able to spend money or do normal activities, there will also be a bow wave of spending as restrictions ease. That will amongst other things benefit the hospitality sector as pent up demand for eating out, days out, hotel stays, etc. expresses itself, which will in turn see many people who’ve struggled economically the last year finding work again.I don't know who the BoE have been talking to but it won't be people on the breadline, recently unemployed or anyone who realises just how close we are to a "rainy day" as a result of the last year so therefore won't spend galore. Even if all restrictions and/or the vaccine programme were lifted/completed tomorrow I doubt a spending spree will ever happen after.
I currently have builders working in my home; their order books are full till September. Finding quotes back in September last year was hard, as firms were already handling a backlog of work.
im not convinced there will be a “spending spree”, and as an economy the U.K. will do well to see those (yes, including the likes of me) who’ve had it relatively easy economically rebalancing their savings and debts.