Life after Brexit:
Continues to shape up to be a challenging time for the U.K. There are many indicators that are worrying the economists and here are some recent developments.
Consumer spending:
Recently consumer prices have risen and consumer spending has started to slow down. Visa stated that consumer spending fell after four years due to rising prices. Traditional brick and mortar stores saw the faster decline in sales.
Weak outlook by businesses:
More than 90 percent of the businesses surveyed state that they are concerned about the economy. Increasing prices and Brexit related uncertainties are the primary drivers.
In addition the central bank released Europe’s GDP growth in 2017 which puts U.K. towards the bottom of the list.
Story continues to evolve…..
UK’s currency valuation challenges continue as pound continues to fall due to Brexit delays and uncertainties.
Political challenges continue for Prime Minister Theresa May who is still to form a government after last Thursday’s election wiped out her parliamentary majority.
The International Monetary Fund (IMF) has just reduced its growth forecast for the UK, citing weak economic indicators since last year’s vote to separate from EU.
In its recent World Economic Outlook, the Washington-headquartered organisation said that it now expects the UK economy to grow by 1.7 per cent this year compared to a previous forecast of 2 per cent. It kept its estimate for 2018 unchanged at 1.5 per cent.
Many of the biggest trade organizations in the UK are concerned about Brexit and what it might mean for tariffs, trade and the free movement of people. A large number of businesses, especially in the financial institutions such as banks, are already considering relocating their European headquarters to the continent to ensure that they can provide a seamless service to clients in the aftermath of the split.
The author, KetanDeshpande, lives in Minnesota and writes about a variety of topics in his blog such as global economy, market and industry trends, successful strategies for businesses, and others. Leveraging his global strategic leadership experience from the manufacturing industry to offer insights in to how businesses can meet the sustainable growth and profitability goals.
Ketan Deshpande is also passionate about sustainability and renewable energy; he curates and shares latest updates in his blog posts. Recently the Southern Minnesota Municipal Power Agency(SMMPA) of Litchfield, Minnesota, endorsed Ketan Deshpande for an energy conservation project.
This blog also features memorable events, travel experiences and his favorite places to visit in the great state of Minnesota.
Blog post by Ketan Deshapande, Maple Grove, Minnesota, MN
