The great reckoning will come, too much debt, too much government profligacy and not a lot more that can be done to raise taxes anymore. The UK will not escape another decade of 'austerity' in the 2020's, notably as more and more money is piled into the NHS with less and less of a success due to the law of diminishing returns.
However today is a happy day, as we wait to go for lunch outdoors in the snow, the economy is finally opening up after a very long winter hibernation. Only foreign travel of the big industries will now be still a moribund outlier.
The FTSE has performed less well than many of the world indexes - the UK media has a part to play here in the unabated portrayal of the UK as the worst place in the world last year to be avoided at all costs. The quick roll out of vaccines have changed the tune and along with the USA we are likely to have the strongest economic re-bound this year.
Lots of savings have been gathered up, fewer jobs lost than thought and soon maybe a million more jobs will be created in the newly re-opened up service industries. The only blot of the horizon must be the threat of inflation and rising interest rates, but as I have discussed before, with the BOE owning so many Government bonds there are plenty of macro-tools available to stave off inflation. Plus, with other parts of the world still in the grasp of the virus, there won't be global supply shortages for a while any worse than there are now.
So happy days ahead for a the summer at the very least - maybe a horrid variant may come back to haunt us, but even then it won't escape the vaccine that quickly.