However welcome this bounceback, it contains dangers – in the housing market, in the event of another Covid wave, and in terms of righting a lopsided economy

Prepare for an almighty sugar rush. There are signs everywhere of a summer spree across the post-lockdown economy. Restaurants and pubs report a flood of bookings. Estate agents in some parts of the country talk of , with six or seven serious buyers jostling for every home on sale. In industry, construction and manufacturing are both humming along. Forget all that talk of a vaccine bounce; this has all the makings of a vaccine bubble.

Wednesday’s GDP report shows that at the start of this year the economy shrank by less than many economists originally expected, and , even though the lockdown across the country was yet to be totally eased. This points to a bumper summer, as more Britons are vaccinated, more families book holidays, and businesses dip into their coffers for a bit of investment.