UK economy recovering 'dramatically' worse from COVID than EU & US | Bank of England

#UKeconomy2023 #UnitedKingdomEconomy #BankofEngland

When compared to the other advanced economies, the United Kingdom is a precise momentum shifter. "This is a puzzle," MPC member Catherine Mann said. Because of a rise in older workers leaving the workforce and record levels of long-term ill health among working-age adults, employment in the UK remains lower than before the health emergency struck. Brexit is restricting UK trade and driving inflation by increasing the cost of imported food and other goods. It's undeniable now that the UK is experiencing a much larger slowdown in trade than the rest of the world. Post-Brexit trade barriers resulted in a 6% increase in UK food prices and a negative impact on wages and living standards.

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