After Covid: Will Brexit be the next shock for Britain’s economy? | DW News

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  • DW News published this video item, entitled “After Covid: Will Brexit be the next shock for Britain’s economy? | DW News” – below is their description.

    Britain is struggling with the economic impact of the coronavirus pandemic. A major supermarket just announced they’ll start rationing items amid fears of ‘second wave’ panic buying. But things could get even worse after a no-deal Brexit. The British Retail Consortium warns that tariffs would push up prices – hitting shoppers and retailers alike. Half of British businesses will be inadequately prepared when/if the Brexit transition phase runs out at the end of the year. That’s according to a poll taken by the British chamber of commerce. 51 percent have not yet taken the steps recommended by the government for trade to continue to function seamlessly. That’s why the government in London is getting ready for a worst-case scenario. One reason why businesses are so poorly prepared is the coronavirus pandemic. The companies have been focussing on coping with the consequences of the lockdown. A think tank with economists from London’s King’s College has concluded that a No-Deal Brexit could have three times the negative impact on the British economy as the coronavirus. The consequences of the pandemic may be more drastic in the short term, but in the long term, a No-Deal Brexit would leave deeper scars.

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    In This Story: Brexit

    Brexit is the name given to the United Kingdom’s exiting the European Union, which happened on 31 January 2020, following a narrow “Leave” referendum result in a June 2016 vote on EU Membership which took place in the country. News items related to Brexit are posted, below, chronologically, with the most recent items at the top, from a variety of outlets.

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