Brexit To Bring Economic Pain To British People: Experts
For several weeks the British people were warned leaving European Union may result with economic pain for Britain, and now after Brexit has been favored through a vote it is time to find out whether what has been said to really turn true.
On Friday, the day when leaving EU was announced, the pound had plunged to its lowest level in more than three decades. As a result concerns were raised of price inflation. Shares of some of the biggest real estate builders and banks posted drop in double digit. Many economists predicted Britain could fall into recession.
The Moody’s Investors Service downgraded the outlook of Britain from “stable” to “negative.”
In a statement it said, “…will herald a prolonged period of uncertainty for the UK, with negative implications for the country’s medium-term growth outlook.”
The shock was everywhere, in every households, but Bank of England Governor Mark Carney said on Friday that he is pledging to stabilize markets if required.
Before the vote the British Treasury estimated the exit could cost United Kingdom equivalent of 4,300 pounds per household. House prices could decline by up to 18 perent by 2018 and tax receipts would see a 30 billion pounds shortfall.
Some of the major companies operating in the City of London, trading and finance center for over a thousand years, warned if Brexit is favored they would move jobs away from the city. Now, it is to be seen how many jobs are lost.
More impacts are to come across. Keep commenting your views in the below given box.http://www.dailynewsz.com/brexit-to-bring-economic-pain-to-british-people-experts/http://www.dailynewsz.com/wp-content/uploads/2016/06/Brexit-To-Bring-Economic-Pain-To-British-People-Experts.jpghttp://www.dailynewsz.com/wp-content/uploads/2016/06/Brexit-To-Bring-Economic-Pain-To-British-People-Experts-300x300.jpgBusinessworld newsbrexit,britain,eu,european union