{"id":72448,"date":"2021-02-01T13:24:23","date_gmt":"2021-02-01T13:24:23","guid":{"rendered":"https:\/\/secondchargemortgageuk.com\/?p=72448"},"modified":"2021-02-01T13:24:25","modified_gmt":"2021-02-01T13:24:25","slug":"how-brexit-is-already-taking-its-toll-on-the-u-k-economy","status":"publish","type":"post","link":"https:\/\/secondchargemortgageuk.com\/how-brexit-is-already-taking-its-toll-on-the-u-k-economy\/","title":{"rendered":"How Brexit is already taking its toll on the U.K. economy"},"content":{"rendered":"\n<p>Prime Minister Boris Johnson recently qualified as \u2018teething problems\u2019 the many incidents and trade disruptions triggered by the start of Brexit.<\/p>\n\n\n\n<p>With disruptions at European borders and supply chains perturbed by new tariffs, the U.K. economy has begun to show the negative economic impact of leaving Europe\u2019s single market and customs union at the beginning of the year, several indicators show.<\/p>\n\n\n\n<p><em>To find out more about how we can assist you with your Second Charge Mortgage please <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/contact-us\/\" target=\"_blank\">click here<\/a><\/em><\/p>\n\n\n\n<ul><li>Gita Gopinath, the chief economist of the International Monetary Fund, said this week as she was presenting the organization\u2019s new economic forecast, that Brexit would shrink the U.K. economy \u201cby about 1%\u201d this quarter.<\/li><li>It was the only economy whose performance in 2020 was downgraded by the IMF, which estimates the country\u2019s gross domestic product fell 10% last year.<\/li><li>Surveys by data company IHS Markit show that U.K. manufacturers and service providers are reporting the most severe disruptions of their supply chains, which is \u201calmost exclusively linked to both Brexit disruption and a severe lack of international shipping availability.\u201d<\/li><li>Freight volumes between the U.K. and the rest of Europe were down 38% in the third week of January compared with last year.<\/li><li>Paperwork, higher costs and compliance delays are severely affecting the traffic of goods on the U.K.-European Union routes, but they have an even more severe impact on trade between Britain and Northern Ireland, which remains in the single market.<\/li><li>The Office for Budget Responsibility, the official fiscal watchdog, predicted back in November that Brexit would shrink the U.K. economy by 4% in the long run with a free trade agreement such as the one that was signed between the two sides just before Christmas.<\/li><\/ul>\n\n\n\n<p>The outlook: Prime Minister Boris Johnson recently qualified as \u201cteething problems\u201d the many incidents and trade disruptions triggered by the start of Brexit. But from British fishermen to City of London finance professionals, many rather expect the government to act to try soften the blow.<\/p>\n\n\n\n<p>The massive economic hit triggered by the COVID-19 pandemic may help hide the detrimental Brexit impact to the general population in the first half of the year. But it is hard to see how the government will be able to mitigate the consequences of being an outsider to the single market without taking steps back toward the EU and opening further discussions.<\/p>\n\n\n\n<p><em>By Pierre Brian\u00e7on<\/em><\/p>\n\n\n\n<p>Source: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.marketwatch.com\/story\/how-brexit-is-already-taking-its-toll-on-the-u-k-economy-11611842118\" target=\"_blank\">Market Watch<\/a><\/p>\n\n\n\n<p><em>Discover our <a rel=\"noreferrer noopener\" href=\"https:\/\/secondchargemortgageuk.com\/\" target=\"_blank\">Mortgage Broker<\/a> services.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prime Minister Boris Johnson recently qualified as \u2018teething problems\u2019 the many incidents and trade disruptions triggered by the start of Brexit. With disruptions at European borders and supply chains perturbed by new tariffs, the U.K. economy has begun to show the negative economic impact of leaving Europe\u2019s single market and customs union at the beginning [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":72406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1978],"tags":[2105,2075],"yst_prominent_words":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v14.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Brexit is already taking its toll on the U.K. economy<\/title>\n<meta name=\"description\" content=\"Prime Minister Boris Johnson recently qualified as \u2018teething problems\u2019 the many incidents and trade disruptions triggered by the start of Brexit.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, 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