July 5, 2022

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British economy between Rock and Anvil

By Rashid Al Arbi 08/12/2021 at 10 am


Copyright: DR

Kiosk 360. While the UK’s economic growth has recovered significantly in the second quarter, trade continues to suffer as the EU exits.

If the British economy appears to be slowly recovering from the Govt crisis, will it be able to recover from its exit from the EU? The question is asked Lee Figaro In its online version. Daily confirmation suggests that gross domestic product (GDP) recorded a strong recovery of 4.8% in the second quarter, after a decline of 1.6% in the first quarter. The wings have been shown solely to give a sense of proportion. To the point of having “strong growth in the G7”.

Daily notes, however, indicate that the country’s economy is “most affected by the crisis, with a loss of 4.4% compared to its operating level at the end of 2019”. Among the Brexit newspaper’s encouraging signs, it cites trade with the EU from its pre – Brexit position. What a prelude to the “return to normalcy after the friction period following the British exit from the single market on January 1st”.

Lee Figaro Puts it forward, confirming that “this data, taken in isolation, is misleading.” He argues that the UK is lagging behind compared to international trade trends. Compared to the same period in 2020, EU imports from the UK fell by 21% between January and May this year, while they recovered by 14% from the rest of the world.

In terms of export direction, it is not very good. “EU exports to the UK grew by only 3% compared to last year, while they grew by 13% to the rest of the world.” So the country has not been able to take advantage of the recovery in world trade as trade with Europe has declined by about 10% due to Brexit.

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In this context, Boris Johnson’s government seems to have created a reason for the new barriers to trade in goods by establishing temporary measures to manage the traffic congestion of lorries at its border in Kent near the English Channel.

Lee Figaro Indicates that the food industry and chemicals are most affected by the trade collapse with the continent. He also talks about the shortage of new products in UK supermarkets due to the lack of manpower associated with both Govt and Brexit. “About 100,000 truck drivers will miss the call to confirm delivery.”

See Rashid Al Arbi