Economics

As one of the most inhospitable places on Earth, scientists say the discovery has implications for the search for extraterrestrial life

As the UK struggles to decide anything regarding Brexit a stark warning had been handed to the British Isles. In the case of a no-deal Brexit the UK would slump into a two-year recession, claims the IMF (the International Monetary Fund). A no-deal outcome that led to severe border disruptions and a quick erection of tariffs would cause UK GDP to fall by 1.4 per cent and 0.8 per cent in the first and second years The total negative effect...

Academics say long-term decline forecast for large areas of the UK Significant parts of Britain will experience a decline in economic growth over the next twenty years, a study says. The 2019 edition of the UK Competitiveness Index is compiled by researchers at Cardiff University and Nottingham Business School. As well as assessing the competitiveness of localities in England, Wales and Scotland today, forecasts have been compiled data to predict how they will fare in the years to come. By...

The EU’s agreement of a short extension of Article 50 reduces the likelihood of a no-deal ‘Brexident’ next week. Even if Scope has expected the UK to avoid a no-deal exit, the consequences of prolonged uncertainty for the UK’s credit ratings are growing. The EU agreed Thursday to a short Article 50 extension until 22 May, less than the UK’s request for an extension to 30 June and conditional on the Brexit deal being approved in the UK Parliament next...

Whatever happens next, Brexit has inflicted unprecedented damage on the UK’s financial services industry, the founder and CEO of one of the world's largest independent financial advisory organisations has warned. The finance sector, which makes up about 6.5 per cent of Britain’s GDP, is heavily reliant on Britain's connections with the EU's single market and could face significant disruption in the event of a no deal Brexit. But regardless of how the negotiations pan out, Nigel Green of deVere Group says...

A new report has found the hit to the City of London from Brexit so far has been worse than expected, with financial institutions moving £900bn abroad. Dublin has been the biggest winner according to a study which found 275 banking and finance firms have moved business abroad. After rumours that is was to be cancelled again, Tuesday's second meaningful vote in the Commons on Theresa May's Brexit deal will go ahead as planned confirmed Brexit Minister Robin Walker. He...

The Treasury Committee has warned that the UK must get a grip on money laundering and that is could even increase post-Brexit. The Committee concluded that efforts to fight money laundering in the UK is “highly fragmented.” at the moment. They urged the government not to ignore the seriousness of economic crime in a rush to secure new trade deal in the post-Brexit political environment. Committee chair Nicky Morgan said government should not "bow to buccaneering regulatory pressures” The Treasury...

In more unsettling Brexit news, it has been reported that in a No-deal Brexit scenario the UK economy would tank. According to the OECD (Organisation for Economic Cooperation and Development) the UK economy would slide into recession and growth would plunge under 1 per cent. Even if there is a smoother Brexit the OECD believes that UK economic growth would fall to 0.8 per cent, following on from 1.4 per cent growth in 2018. The last time UK growth was...

A ‘no deal’ Brexit could cause huge harm on the UK economy according to a new report. Over the next 15 years the economy could contract by 6 to 9 per cent, according to the Government report. Additionally there could also be food shortages as 30 per cent of food is imported from the EU. It is thought that food prices will rise as well. The report said: “In the absence of other action from government, some food prices are...