Brexit ushered in a new period of growth for the British economy, says UK Chancellor of the Exchequer Jeremy Hunt. He wants to seize the opportunities offered by Brexit to tackle inflation in the country and with it the increase in the cost of living for the British. He dismissed the “darkness” about a recession reported by economists.
To grow up
“Some of the gloom is based on statistics that don’t tell the whole picture,” Hunt said in a speech ahead of the budget presentation in March. Britain’s economy would grow as fast as that of Germany, the largest economy in Europe. Like every G7 country, our growth in the years following the financial crisis has been slower than in previous years. But since 2010, the UK has grown faster than France, Japan and Italy,” concludes Hunt.
recession
But several economists conclude that Brexit has contributed to Britain’s recent weak performance in business investment, trade and economic growth. The high inflation in the country also plays a role, which at over 10 percent is close to the highest level of the last forty years. The Bank of England and UK government budgetary control believe that a recession is already underway.
To manage the consequences of Brexit, according to Hunt, it is therefore necessary to look at the consequences for British business in the short term. For example, when it comes to border delays, bureaucracy and staff shortages. “It’s a big shift in our economic relationships with our closest neighbors, and obviously those need to be fixed and obviously there are some short-term disruptions,” she noted. So much for the problems. “I think it’s completely wrong to just focus on that,” Hunt says. “Our growth plan is necessitated, stimulated and made possible by Brexit.”
Source: BNR
Sharon Rock is an author and journalist who writes for 24 News Globe. She has a passion for learning about different cultures and understanding the complexities of the world. With a talent for explaining complex global issues in an accessible and engaging way, Sharon has become a respected voice in the field of world news journalism.
