The British central bank blames Brexit for the poor economic situation in Britain. Leaving the EU has had a disproportionate impact on trade, Swati Dhingra, a member of the Bank of England’s Monetary Policy Committee, told Parliament on Wednesday. The government of Prime Minister Rishi Sunak, on the other hand, cites the war in Ukraine and the corona pandemic as the main reasons for the situation.
However, Dhingra stressed, “There is no denying that trade in the UK has weakened much more than in the rest of the world.” Wages have fallen. The central bank already warned in 2016 of economic unrest after leaving the EU.
Fighting inflation top priority
Britain is currently experiencing serious economic problems, which is why the new budget, which will be presented on Thursday, deserves special attention. Inflation recently reached its highest level in 40 years. The new Prime Minister Sunak has declared the fight against inflation his top priority.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
