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UK Government too fixated on Brexit

The UK government is losing sight of the economy, according to Szu Ping Chan and Lauren Davidson in the Telegraph:

“The Government is ‘losing sight of the economy’ and using the EU referendum as an excuse for policy inaction, according to Europe’s biggest accountancy body.   In a letter to the Business Secretary, the Institute of Chartered Accountants in England and Wales (ICAEW) attacks ministers for having ‘no clear consensus’ on how to boost growth and raise living standards.”

The warning comes on the back of a slowdown in the UK economy, with the manufacturing sector already in recession, and the current account deficit rising to levels last seen in 2008.

No doubt government ministers will blame uncertainty around Brexit for Britain’s growing economic woes… particularly if the people vote to leave.  However, many of the trends had begun prior to the announcement of the referendum.  And even if people vote to remain, we face a tough summer and autumn as the global economy slows and as the UK’s ability to cope with the slowdown is called into question.

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