Brexit will significantly affect the UK economy, including those sectors that have not suffered losses during the coronavirus pandemic, irrespective of whether Prime Minister Boris Johnson reaches a trade deal with the EU or not, The Guardian newspaper reported on Tuesday, citing a report by the London School of Economics (LSE)
MOSCOW (Pakistan Point News / Sputnik - 28th July, 2020) Brexit will significantly affect the UK economy, including those sectors that have not suffered losses during the coronavirus pandemic, irrespective of whether Prime Minister Boris Johnson reaches a trade deal with the EU or not, The Guardian newspaper reported on Tuesday, citing a report by the London school of Economics (LSE).
The report, which is entitled "Covid-19 and Brexit: Real-Time Updates on business Performance in the United Kingdom" and set to be released on Wednesday, includes an analysis of monthly surveys from members of the Confederation of British Industry � a non-profit body that represents UK businesses, the newspaper said.
According to the findings, a "simultaneous impact" of the pandemic and Brexit on the UK economy will be seen starting the autumn after UK Chancellor Rishi Sunak's programs aimed at supporting the unemployed end.
The report also showed that while the pandemic has severely affected sectors that suppose more human contact, such as hospitality, air travel and restaurants, unlike others that include the scientific industries and professional services, as they continued to operate with staff working from home, Brexit will impose barriers on those trading goods or services with the EU, thus, harming both groups, the newspaper added.
In addition, the report urged the UK government to develop an industrial strategy that "must reflect" the cold reality of "being in a post-Brexit UK," which is in a post-coronavirus world economy with shrinking global trade.
