“The tiered system is less of a drag than the England-wide lockdown”, IEA Economics Fellow Julian Jessop told The Telegraph, but putting the whole of the UK into tier 3 could cost the £1.2bn from the pubs and hotel sector alone.

Julian added that “the limited evidence so far suggests that the economic costs of lockdown 2 itself are less than feared, and certainly a lot less than lockdown 1. This is partly because people and businesses have now adapted to work within the new rules.

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