Brexit Vote Impact on UK Economy
The Brexit-vote deadline has been extended more than once. It’s now set on January 31, 2020. However, it could further be extended until July 1, 2020. Let’s see how the Brexit vote has influenced the UK economy and find out who can best help you with retail merchant services UK.
Brexit Vote & Retail Merchant Services in the UK
The UK has already felt a negative impact brought about by Brexit issues. The economy has slowed. Lots of businesses have chosen other EU countries for their headquarters. Below you can find several impacts of Brexit on the country’s economy:
- The pound has recently become more stable, thus accounting for €1.18 after it recovered in October.
- The top 100 UK companies’ index fell 7.200 and only rarely made up more than 7.400.
- After fuel and energy prices lowered following heavy discounting, inflation fell to 1.5% in October.
- Britain got a better trade position in September after exports rose by 5.2%.
- Britain’s business activity has experienced the sharpest decline ever since the referendum.
- Employment rates dropped at the fastest for 4 years.
- Retail spending wasn’t strong before Black Friday.What about your own eCommerce business in the UK? Are you working with a true payment expert to overcome the challenges associated with the economy easily?
If no, it’s high time you turned to a reputable payments-processor comparison company in the UK that can give you the most reliable snapshot of the providers of retail merchant services in the country.
- Government borrowing reached its peak in October in 5 years. Chancellor Sajid Javid has announced the budget deficit in 2020-21 would see a £13.8bn increase to public spending, which means 4.1%. This would be the fastest growth in 15 years.
- House prices didn’t fluctuate in the majority of areas in Britain over 2018.
- According to the Office for National Statistics (ONS), GDP fell by 0.1% after a 0.2% drop in August. However, September registered plus 0.3%.
To sum up, 3 and a half years after the Brexit referendum haven’t affected the UK economy in a positive way. Take the time to find a reliable payment specialist in the country that can help you go through the ebbs and flows easily.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts, including retail merchant services. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie in his backyard porch, as should all right thinking people.