UK Doom, Eurozone Boom
According to a new European Commission forecast, growth within the Eurozone is expected to surge, while the UK will advance at a much slower pace.
10th November 2017
Spain and Germany are predicted to perform particularly well, while Britain will be weighed down by stalled consumer spending rates and continued Brexit uncertainty.
This is a more pessimistic view than the ones previously broadcast by Bank of England, who predicted the Pound would gather more strength over the following years.
The forecast further paints a gloomy portrait of the employment market, with unemployment rates rising in 2018, and even more in 2019.
The results have been criticised by some economists, and some have labeled the forecast as “institutionally biased”. Martin Beck of Oxford Economics mistrusts the forecast, and insists the EC’s “survival” depends on portraying a negative future after Brexit.
The European Commission forecast has been published ahead of negotiations between the EU and the UK government. The EC warns that in the case of a ‘hard Brexit’ and the relationship with the EU collapses, the business forecast could look more bleak.
10th November 2017
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