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Talibans new law bans womens voices and faces             Iranian police shut down two illegal centers affiliated with German government             All of President Pezeshkians ministerial picks win parliaments vote of confidence             Wheres Bangladesh Heading after Popular Uprising?            Western Kabul residents say Taliban has failed to ensure security after bombing             Algerian Boxer Khelif files complaint over online harassment after gender row             Federalism in Afghanistan: Opportunities and Challenges             Formation of the Federalist Assembly of Afghanistan             Israel launches missile attack on outskirts of Damascus, killing Syrian civilians             UK national scandal: 20,000 mental health patients raped, sexually assaulted in NHS care             Three US troops killed, dozens injured in drone attack in Syria             Trump says NATO will not come to rescue if US attacked             Ukraine beset by $40m fraud in arms procurement amid war with Russia            US approves sale of F-16 jets to Turkey after Ankara ratifies Swedens NATO membership             UNSC to meet to discuss ICJ ruling on Israeli genocide in Gaza            


DATE PUBLISHED: 1400/10/04 - 12:50:4
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British economy limps toward end of fiscal year

In January 2020, a little less than 2 years ago, the UK officially left the European Union. The umbilical cord was finally severed, and it was time for the government to make good on its Brexit pledges.

What most people are saying is that the government has not made good on its arrangements for exiting the EU other than they’ve gone through the exit, but we haven’t had the rest of the agreement. Fishing, farming, finance regulations, all those elements are still up in the air.

And there was another promise worth mentioning; a VAT cut on energy bills that would save the average household £64 a year. Well as of spring 2022, people might see their energy bills double due to an unexpected energy crisis! And as a result of higher energy prices, the Centre for Economics and Business Research predicts in 2022, a typical UK family will spend £1,700 more per year on household costs with the inflation rate rising to its highest in a decade.

Of course no one can ignore the fact that we are still in the grips of a global pandemic. Tens of thousands of people have died in the UK as a result of Covid-19, despite the country being the first to start vaccinating. Lockdown after lockdown have taken their toll. And now we have the new Omicron variant.

The hospitality industry is reeling from the government’s mixed messages over Omicron ahead of Christmas. It’s forecast to lose 300 million pounds worth of trade over the holidays, and some businesses have decided to close due to staffing issues, cancellations and an overall down turn in trade. So for them, this comes far too late in the day.

According to the OECD the British economy is recovering and expected to reach pre-crisis levels at the beginning of 2022 but growth will rely primarily on household spending. The average family spends 29 percent more in the weeks before Christmas, and that might be why despite Omicron, the government has chosen to accelerate the booster jab roll out, and not cancel Christmas.

Source: Press tv

LINK: https://www.ansarpress.com/english/25184


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