Blog posts tagged by tag: United Kingdom
Boris Johnson became prime minister on 24 July, with a promise to loosen the fiscal purse strings and leave the EU by 31 October—“no ifs, no buts”. However, with that deadline fast approaching, the UK’s political—and by extension economic—future is still very much in the dark. To shed clarity on the situation, and explore what could be in store for the economy and on the Brexit front, we spoke to Andrew Goodwin, Chief UK Economist at Oxford Economics.
Guest Author: Daniel Solomon, PhD Economist, Euromonitor International
With less than two months to go until the scheduled Brexit date of 29th March 2019, the conditions under which the UK will exit the EU remain highly uncertain. The options range from a no-deal Brexit to no-Brexit. The UK’s decision to leave the EU has already taken a toll on the UK economy, but the size of final economic cost of Brexit will heavily depend on the shape of the exit.
Predicting the future evolution of the UK’s key economic variables is fraught with uncertainty, and this is particularly true in the case of the pound, which has already been on a merry dance since the 2016 Brexit referendum.
With Theresa May’s withdrawal agreement floundering, the British parliament in the throes of the worst political crisis in decades and time running out fast, the outcome of the Brexit process is anyone’s guess. May’s deal? A Norway-style arrangement? No deal? Or even no-Brexit? All bets are off.
Following a sharp selloff in the immediate aftermath of the vote, the pound then clawed back some value. But in recent weeks, as the 29 March EU departure date looms ever larger in the rearview mirror with no political solution on the horizon, sterling has begun to sag—a process which is likely to continue in the coming months as markets grow more ever more jittery about the prospect of no deal.
“Responsible business has always been at the heart of what we mean by ‘Making Tomorrow a Better Place’”, pledged Carillion in its last Sustainability Report. In a glossy statement issued in May 2017, the company reported that it had “made an encouraging start to the year in terms of winning new business in our chosen markets, with new orders” and had “increased revenue visibility”.
Less than a year on, the multinational construction conglomerate and notably the UK’s second-largest construction firm crumbled under the weight of mammoth debt and pension liabilities, sliding into compulsory liquidation on 15 January. It had been one of the top public service contractors to the British government under the Private Finance Initiative (PFI), winning a slew of contracts to deliver essential services across government departments including transport, defense, education and health
The Northern Powerhouse project has seen progress on several fronts, but striking inequalities remain
Over the last year and change, the economic outlook for the Eurozone has improved dramatically while in that same time the UK economic outlook has left much to be desired. A little over a year ago, Brexit campaigners proclaimed that if the UK did not leave the European Union it would be "shackled to a corpse." A year on from the Brexit-vote and that looks far from the truth as the health of the Eurozone economy looks better than it has in some time.
Recently released economic forecasts from the European Commission project the UK economy growing the slowest of almost any EU country in 2019 when the country is set to leave the bloc. Read our latest economic outlooks for the UK and the Eurozone below to find out what we project.
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