The economy of the United Kingdom has been in some pretty rough waters and showing no signs of calm waters till the eye can see as we near a verdict on the Brexit situation that has been escalating ever since it has been in existence. The global situations regarding the Brexit situation have caused markets to slow down and this is due to the withdrawal of capital from the European Union as investors and firms are fearing that they might take a serious hit due to no-deal Brexit.
The UK is already up to a staggering £66bn poorer because of the Brexit vote after economic growth evaporated, experts warned. The huge loss means the hit to national income – around £420m a week – is greater than Boris Johnson’s discredited claim that leaving the EU would deliver a £350m boost for the NHS. the nation’s wealth has slumped by between 2.5 percent and 3 percent, a loss of £55–£66bn, in the three years since the June 2016 vote has been estimated, the Institute for Fiscal Studies has concluded. “We suspect the UK has missed out almost entirely on a bout of global growth, which would normally have boosted exports and investment,” its devastating report says.
UK economy is a mess right now and what initial steps do they take to change their situation will decide the fate of the economy in the global crisis. If conditions do not get better for the nation’s economy it will be very hard for them to cope up in times of recession which will for sure be coming in the near future.
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