The The Employers’ Organization revised its estimates of the economic contraction, from 5.1% to 3.7% in 2022, and from 3% to 1% in 2023, as a result of the contraction in household consumption and corporate investment in the face of the crisis. In the economy, the high cost of living.
Another factor slowing growth is the shortage of the workforce, affecting the aviation sector, which has led to flight cancellations and queues at airports, and announced strikes on public transport in England.
“We expect the economy to be truly stagnant. It won’t be long before we slip into a recession. And even if it doesn’t, this will seem to many people. Times are tough for companies dealing with rising costs and costs,” said Tony Dunker, director general of the CBI. For people on low incomes who are worried about paying the bills and putting food on the table.”
He stressed the need to take measures to boost investment and stimulate confidence in the economy, and urged the government to resume negotiations with Brussels on the Northern Ireland issue and to avoid taking unilateral measures.
“I have a strong view that the Europeans are adamant about the Northern Ireland Protocol. At the same time, I think our actions to take unilateral action are not helping,” Danker said.
In his opinion, the government should “take a completely different turn and immediately take the matter to the negotiating table,” claiming that this path is not only in the interests of corporations, but also in the interests of politicians.
“I don’t think the time for conflict has come,” he warned.
Today, Boris Johnson’s CEO will publish a bill to facilitate trade between Northern Ireland and the rest of the United Kingdom.
While details are not known, it is expected that it will enable ministers to subvert parts of the protocol that form part of the UK’s withdrawal agreement from the European Union without Brussels’ consent.
London claims it is necessary to take this step to protect the peace agreements of the British province, which it says are threatened by the territory’s opposition to the customs situation after Britain’s exit from the European Union.
To avoid physical borders, the protocol gave Northern Ireland special status, meaning that it respected some European rules, implying more documentation and controls over the arrival of goods from the UK.
The Democratic Unionist Party (DUP) refused to allow a territorial government until a protocol change, which it considers to have effectively established a border on the Irish Sea, separating the province from the rest of the United Kingdom was changed.
Read also: British government confident Northern Ireland plan is ‘legal’
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.
