If Omicron is on the retreat, that’s bad news for the Conservatives | Larry Elliott

When fear of Covid fades, people will notice taxes, bills and inflation are all up. And that there’s no plan for that

After two years, there is light at the end of the Covid-19 tunnel. Daily recorded cases of the Omicron variant are falling and it seems likely plan B restrictions will be eased in England at the end of the month. Nicola Sturgeon has relaxed the 500-person limit on mass gatherings in Scotland.

The return of life to something approaching normal ought to be unalloyed good news for the government. After all, the pandemic has resulted in the economy shrinking by almost a tenth in 2020, sending public borrowing to a peacetime record.

Larry Elliott is the Guardian’s economics editor

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