Brexit, and the United Kingdom’s departure from the European Union, in January 2020, led to the deterioration of the British economy. This is the conclusion of an analysis published by the newspaper today, Tuesday (6/12). financial times, from London.
The assessment, which would portray a consensus among UK economists, notes that Brexit has left households poorer, wages stagnant, businesses cut investment and new trade barriers have hurt economic relations with the EU.
Governor of the Bank of England Andrew Bailey estimated that Britain’s exit from the European Union It will lead to a long-term decline in the level of productivity by just over 3% from the average. The reduction in the economy as a whole will be 4%.
Another estimate is that in 2016 the British economy was 90% the size of the German economy. Now this figure has decreased to 70%.
The Organization for Economic Cooperation and Development (Organization for Economic Co-operation and Development), which includes the world’s richest countries, expects the UK’s performance in the next two years to be worse than that of any other advanced economy, with the exception of Russia.
And last month, the Organization for Economic Co-operation and Development (OECD) estimated that the British economy would contract by 0.4% next year, as it faced a rise in interest rates, accompanied by rising inflation and waning confidence among economic agents.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
