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BREXIT is fuelling Britain's cost of living crisis, according to the former Deputy Governor at the Bank of England


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Posted

Campaigners promised leaving the EU would make the country richer and freer.

 

Brexit is fuelling Britain's cost of living crisis, according to the former Deputy Governor at the Bank of England Sir Charlie Bean.

 

Interviewed by BBC Radio 4 on Thursday, the economist said inflation appeared to be "worse" in Britain compared to other European countries. 

When asked why, he explained the labour market was "much tighter" than on the continent, reflecting the exodus of half a million workers during the COVID pandemic. 

 

"Brexit has made it harder for firms to suck in the extra labour they need at short notice from abroad," he said. 

Labour shortages create inflationary pressure as businesses have to compete more by offering higher salaries, which feed into the economy. 

 
Unemployment was at a historically low level of 3.8% in April, according to the Office for National Statistics, with the number of vacancies at record highs last year. 

Brexit has made it harder for EU nationals to come and work in Britain, though COVID also triggered many foreign workers to return home. 

Posted
1 hour ago, robblok said:

It might be beyond you but they compared the UK with countries in Europe who also had Covid and Russia.. and guess what the UK did worse. So Brexit is making your life worse then it should have been.

 

Actually i have seen so many vids about Brexit Poms moaning now (once you click one youtube seems to think you want to see them all). Seems there are quite a lot of people unhappy about it and would NEVER have voted Brexit if they knew about all the problems. 

Yes the brits of today are not the same.

My family cope well so fortunate but sad many are finding it really tough these days.

I'm glad I didn't stay there.

Posted

Could it also be due to the foreign owned energy, water and utility companies constantly hiking their prices to crazy expensive levels, while making record amounts of profit at the same time?  

 

Also, all the profit they make goes out of the country and is not invested in repairs or improvements, hence why we now have raw sewerage being pumped into our rivers and seas, and water pipes leaking vast amounts of water daily, and NO new reservoirs being built, and the government lets them get away with it without fines or penalties?  

 

There is also some 'jump on the band wagon' going on to I suspect.  When some companies put up the prices of their products for real reasons to do with transport costs or rise in cost of raw materials, other companies see people will pay more for their goods too, and so put their prices up (even if extra costa re not affecting production of their own goods).  

 

 

 

 

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Posted

The European Court of Justice on Thursday confirmed definitively that UK citizens lost their EU rights as a result of the 2016 Brexit referendum.

The Court was ruling on three legal challenges on appeal after they were first rejected by the General Court of Justice. 

The three cases had been brought forward by UK nationals residing in the UK and EU member states who demanded that the court annul or partly annul the January 2020 decision by the Council of the EU to approve the Withdrawal Agreement.

They claimed that the treaty and the Council's backing of it had deprived them of the rights they had exercised and acquired as EU citizens.

But, like the General Court before it, the Court of Justice ruled that the loss of EU rights is an "automatic consequence of the sole sovereign decision taken by the United Kingdom to withdraw from the European Union, and not of the withdrawal agreement or the Council's decision."

Posted
5 hours ago, JonnyF said:

Maybe you could look at recent economic facts as opposed to reciting 6 year old cliches?

 

Germany in recession.

 

https://www.reuters.com/markets/europe/german-business-sentiment-falls-further-june-2023-06-26/

 

EuroZone in recession.

 

https://www.cnbc.com/2023/06/08/euro-zone-enters-recession-after-germany-ireland-growth-revision.html

 

UK doing fine, avoiding recession.

 

https://www.nytimes.com/2023/05/12/business/britain-economy-1q-gdp.html

 

It would appear the "cliff edge" of leaving the EU was a myth. Nothing more than Project Fear. 

 

Charlie Bean should stop trying to blame the failings of the BOE on other factors.

 

 

And this represents the UK doing fine?

 

https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/january2023#:~:text=Monthly GDP-,Monthly real gross domestic product (GDP) is estimated to have,coronavirus levels (February 2020).

 

As for falling off the cliff edge: Maybe not, but nonetheless a steady and continuous decline with little, if any, sign of the promised benefits of Brexit.

 

https://ukandeu.ac.uk/brexit-and-the-economy-what-do-we-know/

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Posted
4 hours ago, JonnyF said:

Why are you quoting estimates that are 3 months old? It's already been established that the UK did better than forecasts predicted (surprise, surprise!!)

 

Facts are, as of today the Eurozone is in recession and the UK isn't. So it would appear that leaving the EU was not the catastrophe it was portrayed to be (surprise, surprise!!) 

 

Must be tough being proved wrong.

My bad.

 

Here's the latest figures which show how "well" the UK economy is doing. Imo little reason to put up the bunting just yet 

 

https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/april2023

 

The Eurozone economy has had two consecutive quarters of negative growth, whereas the UK has shown marginal growth over the same period, therefore Brexit is justified!? What about the previous 7 years since the referendum? No comment on the points raised in 'UK in a changing Europe' report? (link repeated for ease of reference)

 

https://ukandeu.ac.uk/brexit-and-the-economy-what-do-we-know/

 

As you say, must be tough being proved wrong.

  • Like 1
Posted

Countries all over the world are facing very basic problems at present, /CoL, Energy, inflation but only the UK has to deal with the problems caused by Brexit on top of all that.

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Posted
On 6/27/2023 at 9:21 AM, BritManToo said:

It's called 'having an agenda'.

No, it's real simple. The single difference between the EU countries and the UK is Brexit.

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Posted
10 hours ago, ozimoron said:

No, it's real simple. The single difference between the EU countries and the UK is Brexit.

Yeah Germany is doing great.

Posted
On 6/27/2023 at 3:21 AM, BritManToo said:

It's called 'having an agenda'.

What does that even mean?

Basically it is a cliche used by those with no argument.

A sort of hint that the person believes in conspiracy theories?

Does in anyway invalidate an argument?

Of course not!

 

Posted
9 minutes ago, kwilco said:

They don't...the argument against Brexit is that ON TOP OF all those problems, UK has a 4 % to 10 % deficit brought about by Brexit. It has left UK less able to deal with international issues, political, social and economic, we are now the sick man of Europe again ....just like before we joined Europe.

Not we I dumped and escaped the UK tax prison and heath & safety brigade in 2005.

 

Many disagree with you about Brexit as would my family in UK they knew there would be problems with leaving the mafia.

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Posted
On 6/23/2023 at 6:48 AM, Social Media said:

Brexit has made it harder for EU nationals to come and work in Britain, though COVID also triggered many foreign workers to return home. 

I thought that was the whole idea of Brexit?

  • Thumbs Up 1
Posted
35 minutes ago, Kwasaki said:

Not we I dumped and escaped the UK tax prison and heath & safety brigade in 2005.

 

Many disagree with you about Brexit as would my family in UK they knew there would be problems with leaving the mafia.

Almost unintelligable response.. on par for Brexitism. But also completely tangential to the point I was making. QED.

Posted
24 minutes ago, kwilco said:

Almost unintelligable response.. on par for Brexitism. But also completely tangential to the point I was making. QED.

A majority of people wouldn't expect anything else from someone who thinks like you.

Posted
2 hours ago, BritManToo said:

I thought that was the whole idea of Brexit?

Not all Brexiteers are racists, but all racists are Brexiteers.

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