Britain Navigating Uncertainty

To the surprise of many, the news in March showed that employment in the UK was hitting record highs.

Unemployment reached its lowest level since 1971 and wages are growing at the fastest rate for a decade.

In addition, pay rises were typically outpacing the cost of living with increases to the minimum wage limits set to benefit two million workers.  The economy grew by 1.4 per cent in 2018, a steady growth that doesn’t reflect the predicted impact of Brexit. 

But while the uncertainty of Brexit – and its ongoing deadline – continues, the Bank of England has held interest rates at 0.75 per cent although trade plans are taking shape.

The government also announced that a new tariff regime would shift British focus towards non-EU products. It would mean 82 per cent of all imports from the EU would be tariff-free (from 100 per cent) but 92 per cent of imports from the rest of the world would pay no border duty, up from 56 per cent.

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