This week Ian wrote a piece showing how restaurant chain Milano returned to profitability last year due entirely due to the government’s wage supports. They are not the only firms in this position and clearly, they are not alone. Given this outlook, Ian’s piece got me thinking: How does the real economy survive in an unsubsidised world? This question is particularly important for retail and the broader hospitality sector.   Milano, like tens of thousands of firms, relied on the government’s largesse to survive Covid. The government made approximately €48 billion – around one-fifth of national income – available during the Covid…

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