The Government yesterday announced a quicker than expected easing of restrictions from early May. This included the following:
• All construction and non-essential services from May 10th
• Resumption of inter-county travel from the same date
• Hotels and B&Bs from June 2nd
Goodbody Stockbrokers say the planned reopening is a few weeks ahead of expectations and should pave the way for a very large increase in consumer spending in the coming months and well into the second half of the year given the €16bn in household savings that has been built up and the absence of leisure activities and holidays over the past twelve months.
With most of the highly vulnerable population vaccinated and the programme beginning to ramp up significantly, Goodbody say there is clearly now enough confidence within government to announce the plan and allow a gradual return to normality over the coming weeks.
According to Goodbody Stockbrokers, "The Irish government has done a good job in protecting households and businesses during the COVID-19 pandemic. Support for reopening is now required to minimise the scarring impacts of the past thirteen months, especially in relation to rehiring and retraining workers in what will surely be a “new normal”.