Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen correspondent in Yemen: Israeli aggression targets the port of As-Salif, Hodeidah governorate.
Reuters: The Russian and Ukrainian delegations met in Istanbul
Al Mayadeen's correspondent: 72 martyrs in Israeli raids on the Gaza Strip since dawn today
Al Mayadeen's correspondent: Iran maintains that its talks with the Europeans and its indirect negotiations with the United States are proceeding on separate tracks
Al Mayadeen's correspondent in Istanbul: Talks with the European Troika are being led by Iran's deputy foreign ministers for political and legal affairs
Al Mayadeen's correspondent: Bombardment of the Gaza Strip by land, sea, and air has continued since the early morning
Al Mayadeen's correspondent in Istanbul: Talks kick off between Iran and the European Troika in Istanbul
Local Syrian sources: The village of Al-Thala in the western countryside of Sweida was subjected to mortar shelling, with explosions heard in the area.
Occupied Palestine: Very violent Israeli raids target Tal al-Zaatar in Jabalia, north of the Gaza Strip.
Occupied Palestine: 15 martyrs were recovered as a result of the ongoing Israeli raids on the city of Beit Lahia and the Jabalia camp in the northern Gaza Strip.

Brexit cost penalty worth £29 bln on UK productivity: Bank Of England

  • By Al Mayadeen English
  • Source: Agencies
  • 14 Feb 2023 16:25
  • 1 Shares
3 Min Read

Since the onset of the energy crisis, the central bank has been printing excessive amounts of money which has been causing much inflation and created the cost of living crisis.

  • x
  • Buses drive past Liverpool Street station, in the financial district known as The City, in London, Friday, Oct. 7, 2022  (AP Photo/Alberto Pezzali)
    Buses drive past Liverpool Street station, in the financial district known as The City, in London, Friday, Oct. 7, 2022 (AP Photo/Alberto Pezzali)

The Guardian reported on Monday, citing financial sources, that the UK recorded losses worth £29 billion in its overseas investments, which is the equivalent of roughly £1,000 per household. 

Ever since the UK Brexit the EU single market, private sector investment had  "stopped in its tracks", according to a study conducted by Jonathan Haskel, an external member of the Bank of England's monetary policy committee who is responsible for setting national interest rates. 

The study is likely to raise concerns that the Brexit vote and the strategy adopted by former prime minister Boris Johnson to leave the EU single market and customs union has resulted in damage beyond repair to the British economy. 

Since the onset of the energy crisis, the central bank has been printing excessive amounts of money which has been causing much of the inflation and created the cost of living crisis.

On February 2, the Bank of England Monetary Policy Committee announced that it would increase the interest rate to 4% from 3.5%.

Related News

In defiance of Trump, UK, EU to sign ‘free and open trade’ declaration

UK's Starmer vows far-right 'thugs' will 'regret' disorder

While the Bank of England may not possess the same capacity as the US Federal Reserve to print as much money without worrying about debt or interest payments, the UK can still manage to buy some time to recalibrate its policies and solve the structural problems. 

Read more: Brexit growing less popular among Tories

In June 2016, 51.8% of UK citizens voted to end the country's membership in the EU, while 48.1% voted to remain in the union. Nonetheless, six and a half years later, the UK is still engaged in a lengthy and convoluted series of negotiations related to its exit from the EU.

UK Prime Minister Rishi Sunak's plan to repeal thousands of EU laws by the end of 2023 could spark a full-fledged trade war between London and Brussels, according to senior European Union officials.

Meanwhile, EU leaders are said to be secretly planning their own "unilateral rebalancing measures" in Brussels. These measures could include the option of imposing tariffs on UK goods entering the EU single market, according to media reports.

All of this could result in a trade war with the EU and serious economic damage to the UK.

Read more: UK settles trade dispute by paying £2.3bn to EU

  • Brexit
  • Bank of England
  • inflation
  • UK

Most Read

A boy draped in a Palestinian flag carries a mock rocket during a weekly anti-US and anti-Israeli rally in Sanaa, Yemen, Friday, May 9, 2025 (AP)

Yemen announces hypersonic missile strike on Ben Gurion Airport

  • Politics
  • 9 May 2025
Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025
Palestinians pray over bodies of people killed in the Israeli bombardment who were brought from the Shifa hospital before burying them in a mass grave in the town of Khan Younis, southern Gaza Strip, Wednesday, Nov. 22, 2023. (AP )

Gaza casualty figures mask a much bigger horror, new study shows

  • Politics
  • 11 May 2025
Gaza and the logic of necropolitics: Sovereignty measured by killing

Gaza and the logic of necropolitics: Sovereignty measured by killing

  • Politics
  • 15 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Romanian presidential front-runner accuses Macron of interference
Europe

Romanian presidential front-runner accuses Macron of interference

Syria signs $800 million deal with UAE to develop Tartus Port
MENA

Syria signs $800 million deal with UAE to develop Tartus Port

Some Pakistanis have taken to the streets in protest over India's decision to suspend the water deal. (AP Photo: Anjum Naveed)
Politics

India threatens Pakistan’s water supply with Indus river project plans

Former FBI chief accused of calling for Trump’s assassination
US & Canada

Former FBI chief accused of calling for Trump’s assassination

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS