Britain is facing the largest economic recession in 3 centuries .. and loses 200 thousand citizens of the European Union

0
17


Britain is facing the biggest economic recession in three centuries, at a time when labor shortages after “Brexit” threaten the economic recovery with rising inflation expectations.
More than 200,000 European Union citizens left the United Kingdom last year due to Britain’s exit from Europe and the economic crisis, according to Bloomberg News.
And figures from the British Office for National Statistics yesterday indicate that there are 3.5 million European Union citizens, living in the country, compared to 3.7 million in 2019.
The number of non-EU citizens changed slightly, reaching 2.6 million, and this loss helps explain why Britain is experiencing a labor shortage, which has led to empty shelves in stores, soaring prices and threatening recovery from the economic recession due to the pandemic.
Sectors such as retail and hospitality rely heavily on EU workers, and it is not clear how many of those who have left the country will return. The pandemic has hit Britain harder than most countries, and immigrants may find attractive opportunities at home.
Britain’s retail sales unexpectedly fell for the fourth month in a row last August, in the worst continuous series of declines in at least 25 years, indicating that the increase in cases of Corona virus and the disruption in the movement of supplies cast a shadow on sales. .
Britain’s Office for National Statistics said the volume of goods sold in stores and online fell in August by 0.9 per cent compared to July when sales fell by 2.8 per cent.
And Bloomberg News reported that economists had expected sales to rise 0.5% in August.
Doubts are now growing about the future of consumer spending that fuels the British economy. Millions of British families are currently facing the risk of high rates of infection with the Corona virus, as well as a sharp decline in living standards after the significant rise in inflation rates.
“These figures raise more concerns about the slowdown in the pace of the British economy’s recovery, and that the recovery of consumer demand in the country has already reached its peak,” Bloomberg quoted Stuart Cole, chief macroeconomist at Equity Capital Financial Services.





LEAVE A REPLY

Please enter your comment!
Please enter your name here