As we approach the second anniversary of the EU referendum, the economy looks like it's finally beginning to see the impact of Brexit. It has been slowing for some time going from the top of the G7 growth league to the bottom and there was hope for a "bounce" after an even slower start to 2018. However, it doesn't seem as if that's going to happen.
The High Street has been suffering for some time with a string of big names announcing store closures and profits warnings. Now House of Fraser is closing half its stores with the loss of 6000 jobs while Poundland goes in to administration (HERE) with another 5000 jobs at risk. Rolls-Royce announce 4000 job cuts and Jaguar Land-Rover, after cutting 1000 jobs recently is now moving production of the Defender to Slovakia. They will build a new factory for electric vehicles in the UK but why move the Defender?
The ONS tells us (HERE) that manufacturing shrank by 1.4% in April and the Federation of Master Builders warn (HERE) about a construction sector saw a 3.4% drop in the last quarter. The trade gap (the difference between what we buy and sell abroad) in goods reached a near record £14 billion (HERE). This stunning figure is just for one month, for the three months ending in April it was £36 billion.
Even Nigel Farage now claims he never said we would be better off out of the EU. Well he's certainly right about that. The Bank of England says households are £900 a year worse off because of Brexit. At this rate we'll be sovereign but penniless.
We are certainly "prospering like never before" - as BoJo claimed. Because nobody ever tried prospering by getting poorer but no doubt we will soon learn how to do it. Next June we'll be out of the EU and with as much prosperity as we can take - but better tighten your belts, we're doing it the Johnson way, like never before really.
I see David Davis is warning (HERE) the Tories are in danger of a 1997 style defeat if we are still in the "backstop" in 2022. This is their dilemma isn't it. Economic disaster beckons if they take us out of the single market and the customs union and electoral disaster looms if they don't. This is what the internal Conservative party row about Europe has finally bought them (and us) to.
Of course, if you read The Daily Express you get an entirely different view (HERE) where exports have "surged" and according to the report: Brexit will remove the influence of the European Union directives limiting British trade with its international partners.
They actually think there are EU directive limiting our exports!!! Words fail me.
I see David Davis is warning (HERE) the Tories are in danger of a 1997 style defeat if we are still in the "backstop" in 2022. This is their dilemma isn't it. Economic disaster beckons if they take us out of the single market and the customs union and electoral disaster looms if they don't. This is what the internal Conservative party row about Europe has finally bought them (and us) to.
Of course, if you read The Daily Express you get an entirely different view (HERE) where exports have "surged" and according to the report: Brexit will remove the influence of the European Union directives limiting British trade with its international partners.
They actually think there are EU directive limiting our exports!!! Words fail me.
