The International Monetary Fund recently reported that the United Kingdom’s economy is the weakest among the G7 nations, and the Office of National Statistics revealed a 9 percent decline in export volume during October-December compared to the average pre-pandemic level. In contrast, exports in Italy increased by double digits during the same time period. Historically, a weaker pound boosted exports, but Brexit and successive Conservative administrations have altered this relationship. The devaluation of the pound has not aided exports, but has increased import costs, resulting in higher inflation.
The influence on the British economy
The public is gradually becoming cognizant of the devastation that Brexit has wrought. Delays at Channel terminals and product shortages in supermarkets are two examples. Multinational corporations no longer view the United Kingdom as a base for their single market operations. Additionally, small and medium-sized enterprises are struggling. The combined effects of Brexit and previous Conservative policies have resulted in a significant decline in the economy.
The economy has suffered harm from conservative policies.
Since 1979, conservative policies have harmed the British economy, including the Thatcher administration’s refusal to invest the North Sea oil windfall. The Blair/Brown administrations had some success in revitalizing investments, whereas the Cameron/Osborne administrations enacted austerity measures that curtailed investments. The United Kingdom’s economy has suffered for years from a decline in real incomes, poor development, and a general lack of investment. Brexit has merely exacerbated this decline.
Labour’s stance on Brexit
Keir Starmer of Labour has not opposed Brexit, despite a recent poll showing that if Labour opposed Brexit, its share of the vote would increase. By refusing to address the issue of Brexit and launching an anti-Sunak poster campaign, Starmer has diverted attention away from the government’s failures, which may harm his party’s prospects of winning the upcoming election. Sunak’s remark regarding Northern Ireland’s advantages of remaining in the single market demonstrates that the government is aware of the public’s discontent with Brexit.
Image source: ©Ian Forsyth/Getty Images
Additionally, you can find more news on: www.sendasnews.com
Yustika Kusuma Putri, she is social media marketer from Indonesia. I currently work as a Media Manager in Technologie Omicrom Sendas inc.
I'm passionate about staying up-to-date with the latest news and trends. I believe that being informed about what's happening in the world is essential to making informed decisions, both in business and in life.
That's why I'm excited to share my insights and provide you with updated information on these topics.