As the sterling begins to improve, the stability returns to the UK’s financial markets leaving innumerous questions for many as to what the wider economic implications of Brexit will be.
The UK’s decision to leave the EU has resulted an economic impact in deciding the future success of the UK’s housing market.
UK is the fifth largest economy in the world, currently the sixth after the announcement of the referendum results and is expected to remain in its strongest position even post – Brexit.
UK’s economy has globally seen a decrease in oil, energy and food prices whereas, the consumer and spending growth has been consistently growing strong from March 2015 to March 2016.
Hence, London is expected to lead the country’s growth once again in 2016 with a predicted growth rate of 1% all over the UK.
On the job front, employment rates have set to reach 37 million by this date with education and health sectors rising above the growth chart.
As number of debates arise due to how Britain’s exit from the EU will affect the economy, was an important feature in both pre – referendum campaigns, but expert analysts have offered their own projections for the future of the UK’s economy.
Open Europe, a non-partisan and independent policy think tank suggests two economic models that explains the extremes of where the UK might end up based on the discussion process.
- The first model suggested by the Open Europe proposes the UK remains an active element of the European market and not bounded by the four freedoms of the single market that is goods, services, capital & labor.
- The second model suggests that the UK becomes a part of the World Trade Organization rules to trade with the rest of Europe and redefine its trade position in comparison with the rest of the world.
If the UK abides to free trade and inherits a balanced approach towards the nation’s economic needs, the open market predicts the GDP to hike 1.6% by 2030, in comparison if the UK remained in the EU.
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