It has been two years since the historic Brexit vote. There have been some major changes in the economic condition of UK since then. Here we are going to look at some of the economic impacts of Brexit.
- EU is the largest trading partner of EU. Supporters of Brexit suggest that trade deals can be made with other emerging markets, other than EU.
- There has been a drop in imports of aircraft and ships from the non-EU countries. The difference between export and import has decreased by £700m.
- Though the economic growth of Britain has been really slow for the past four years, the employment rate has increased at the beginning of this year. About 197,000 new jobs have been added to the workforce. It is expected that there will be an increase in the wages as well.
- London is known as the European tech capital. But it is predicted that the UK-based companies will not be able to provide service to the continental European clients in the future. The EU workers are now reluctant to work in the UK and so there will be a shortage of skilled labor.
However, there are some companies who still see London as the tech hub of Europe. Facebook, for example, opened an office in London and has created 800 new jobs.
- Other conditions of other sectors like the construction and manufacturing industries are also grim. The output of these industries has fallen to a record level for the past five years.
Overall, the economy of UK has collapsed and has fallen much below the market predictions. London is one of the world’s largest business centers. There must be a clear plan to boost the economy of UK and make things better.