With one year already gone by since the UK exit from the European Union, is the UK still struggling to find a ground or has it taken a step closer to what it originally aimed for?
The opposition frequently points out that since Brexit, UK’s economic growth has been extremely slow. David Cameron, the former Prime Minister along with other senior officials predicted that exiting from EU will lead the UK to an economic crisis.
However, this prediction was proven incorrect with the economy to have grown by 1.8% in 2016, only next to Germany (1.9%) amongst the world’s G7 nations. Throughout 2017, the growth was steady at the same rate. The pound is still worth 5% less than what it was before Brexit. For 2018, the forecast predicts an economic growth as robust as 2.2%, beating the earlier forecast of a gloomy 1.4%.
Inflation, which led to rise in the cost of living, has also started to show signs of adjusting to a steady 2.5%.
Due to Brexit, thousands of people were left unemployed. The estimated number of people to lose jobs even six months back were around 10,000. However, a recent data shows that the number is down by half at 5000 and analysts find stability in the market. Executive coaching services, which are targeted to help CEOs and CIOs find appropriate jobs, have shown that foreigners are still showing interest to find managerial jobs in the UK, and that Brexit hasn’t affected the number of managerial jobs applicants.
In short, the effect of Brexit on the UK was massive, but after a lot of to and fro, the economy has finally entered a healthy state. Uncertainty still looms over, however, with time Britain can expect to gain stability in its economy. This is the most crucial time for the UK and its economy, and we will have to wait until June 2019.