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Week In Review

Britain’s bleak economic future

On June 12, Asia Times reported “Britain’s battered economy shrank by a record 20.4% in April from the previous month as the coronavirus lockdown ravaged businesses.”

Britain’s economic outlook was already viewed pessimistically by many economists after the UK voted to leave the European Union. The latest data will further undermine confidence in Britain’s economic future.

On May 30, the EU proposed a record-breaking $826 billion stimulus package to ease Europe's economic pain from the coronavirus.

As the UK is no longer part of the EU, London is unlikely to receive any benefits from the recent EU stimulus package.

The EU politicians will most probably make sure that Britain does not benefit from the $826 billion indirectly either, in order to disincentivize others from leaving the EU.

Courtesy: Asia Times

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