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Britain Pushes for Brexit or Bust

Politics / BrExit Dec 01, 2017 - 06:29 AM GMT

By: Boris_Dzhingarov

Politics

There are competing arguments as to how a Brexit will impact Britain. Those opposing a Brexit believe it will have disastrous repercussions on the UK economy, plunging the country into raging inflation, high unemployment, and a skills shortage among others. One of the more pressing concerns for Britain is the exodus of companies from the City of London to other European capitals.


While London remains a global financial hub, its status as the undisputed epicentre of international finance is now in doubt. Many UK hospitals are deeply concerned about losing European doctors and nurses. Brexiteers argue that every foreigner who vacates his or her position frees up a job for a Briton. This line of thinking encourages a retraining of UK workers owing to the severe skills shortage that currently exists.

Long-standing policy in the UK has not advocated education for the working classes. Most of the people who voted for Brexit – those 45+ years of age - do not have the desire, nor the ability to retrain and take up employment opportunities lost through the Brexit. This places the onus squarely on millennials. Britain has often promoted class distinctions within the country. The wealthy have been educated while the poor have remained impoverished.

An argument has been made that Britain’s poorest are unemployable – with no demand for whatever services they provide. That’s possibly why so many European workers – mainly from Eastern Europe – flooded into Britain to take up low-paying positions at cafés, retail outlets, hospitals et al. Today, London is home to an eclectic mix of people from all over the world. These include Chinese, Indians, Pakistanis, Russians and others. Opportunities are now available to educate Britain’s working-class to take up the cudgels.

Skills Shortage in Britain?

The United Kingdom risks losing many skilled jobs if it doesn’t educate its own to replace those who will be leaving their posts. Some folks believe that a Britain post-Brexit will be good for the housing market, with lower house prices and more availability. The UK Chancellor of the Exchequer, Philip Hammond announced his budget on Wednesday, 22 November 2017. The UK has been pushing for a quota of houses to be built every year, but falling hopelessly behind target.

Quite surprisingly, the UK does not have a deficit of housing supply – it is simply the unequal distribution of housing across the country that is a concern. £10 billion has been earmarked for people purchasing their first home, and the UK currently makes £24 billion in social grants available to the UK housing sector. These figures will have to be bumped up post-Brexit if the UK is to sustain itself as a juggernaut in international finance.

Who’s Leaving Britain?

Unfortunately, all the Brexit feather ruffling is more than just idle chitchat. Already, we are seeing a glut of pharmaceutical companies, banks and high-level agencies leaving the London metropolis in favour of capitals around Europe. For example, the European Banking Authority (EBA) will be relocating to Paris, France. The European Medicines Agency (EMA) will likewise be moving, to Amsterdam. These are significant announcements, and they are bound to impact activity on the continent.

Britain’s pharmaceutical industry has been hampered by the impending decision of the EMA. Not only does this shift authority away from the UK to Europe, it also serves to discredit the UK. Many analysts believe the loss of the EMA will be particularly devastating to the City of London. Entertainment, tourism, and local industry will be impacted by the loss of some $300 million in revenue generated by the European Medicines Agency. And the EMA is one of a handful of organizations that Britons actually support.

Is Everyone Despondent About Britain Post Brexit?

Olsson Capitaltrading expert, Samuel Bell does not believe that it’s boom or bust with a Brexit. ‘Caution is the order of the day. People want to see clarity before they simply roll over and flee the UK. Brexit negotiations are ongoing, and until we know which direction this transition is going to take us, it’s foolhardy to assume otherwise. Believe it or not, the UK economy is prospering under Brexit-style conditions. While the pace of negotiations is tedious and counterproductive, businesses have an opportunity to prepare for a no-deal scenario. The more time there is for government to formulate a plan, the better it is for everyone post-Brexit!” Many others share Mr. Bell’s sentiment, including Ms Jasmine Whitbread – the chief executive officer of London First. She’s waiting for further clarity on Brexit proceedings before bailing on Britain.

By Boris Dzhingarov

© 2017 Copyright Boris Dzhingarov - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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