The 2008 financial crisis took the energy out of many country’s economies and like many it took time for Britain, well the United Kingdom to get going again. However, if you look at the economic result through 2015, the United Kingdom was the only country in the Group of Seven richest industrialized nations to post economic growth in excess of 2 percent for three years in a row. If you look at the United Kingdom’s financial and insurance sectors things were looking great as job losses from the crisis had been restored to pre 2008 levels and their exports of goods were at record levels and showing no sign of slowing well that was all before the Brexit vote.
By Ann Graceford O n June 23rd, the people of United Kingdom, voted in favor of Brexit, which was a referendum for the United Kingdom to leave the European Union. There is little doubt that the United Kingdom’s exit from the EU will cause economic damage, according to almost every serious economist who took the time to study the implications of Brexit. Markets immediately took a hit, but have made recoveries in the days since Brexit Day. The United Kingdom must now start negotiating with the EU’s, which many expect to be very harsh as they send a message to other nations that might also be thinking of a possible exit from the
68
SPOTLIGHT ON BUSINESS • JULY 2016
Made with FlippingBook Online newsletter