Opinion | Boris Johnson’s biggest failing? It’s the post-Brexit economy.

Opinion | Boris Johnson’s biggest failing? It’s the post-Brexit economy.

Stryker McGuire, based in London, was a former editor of Newsweek and Bloomberg.

Over the past few days, commentators have repeatedly described the cause of the fall of former Prime Minister Boris Johnson. Police have fined him for partying at a party in 10 Downing Street that violates his epidemic rules. He lied about what he knew of an abusive man who had promoted him to a special position in Parliament. And those were just a few of his recent violations of tradition that had long been accepted. During the three years of Johnson’s term in office, his incompetent negligence led to the resignation of two of his ethics counselors.

In historical terms, however, those errors will be minor. Looking away, Johnson’s biggest failure is supposed to be what he hopes will be his glorious legacy: Brexit. Johnson had for years celebrated Brexit. In December 2019, his party, the Conservative Party, won a landslide victory in the “Get Brexit Done” war. And he said: Within two months, Britain withdrew from the European Union. Johnson’s problem is that Brexit is seriously damaging Britain’s economy.

As a result of the epidemic, the wounds directly caused by Brexit become apparent. At the Port of Dover, a very busy, low-lying, low-lying area in Europe, motorists who have not been in the car for almost 50 years sometimes wait half a day to continue their journeys. Modeling by the Center for European Reform found that as a result of Brexit, British exports fell in the first half of last year, from 11 to 16 percent. “There is evidence that businesses are facing new and major global challenges in trade with the EU which would not be possible due to the epidemic,” the House of Lords European Affairs Committee said in December.

To end the free movement of workers between Britain and the continent, Brexit is laying off workers. According to the Office for National Statistics, job creation in the first half of this year rose to 1.3 million, from about 504,000 Brexit and covid-19 prior to the start of the year. and pubs on farms and manufacturing industries. Within the National Health Service, the first drop in last year was 6 percent of 1.5 million employees.

If there is silver in the Brexit economy, researchers who are researching their findings have not found it. “Being open in the UK will mean that a person becomes poorer and more infertile by the end of the decade, and actual pay is expected to drop by 1.8 per cent, a loss of $ 470. [$564] per employee per year, and employee productivity is 1.3 percent, ”according to a June report by the London School of Economics Center for Economic Performance and Resolution Foundation.

Inflation reached 9.1 percent in May, a 40-year rise, and is expected to reach 11 percent by year-end; some experts cite Brexit as a major contributor. All taxes are going up to the highest level since the end of the war, just as the government is spending money. With that in mind, the Organization for Economic Cooperation and Development last month predicted that Britain’s economic growth would halt next year, possibly boosting the economy by the top 20 – excluding Russia.

Pounds have been steadily declining against the dollar since the Brexit referendum; inflation means an increase in the value of £ 870, or $ 1,044, per year for the average family. Panmure Gordon & Co., a London-based investment bank, estimates that business finance is about $ 58 billion, or $ 69 billion, a year lower than it would have been if Britain had not left a single European market with a spring agreement. Although Britain has managed to negotiate small businesses, most of them are small, but they are not progressing toward its main goal, the US-UK alliance.

Except, when the covid crisis comes out and the financial crisis is raging, then the head of the Brexit financial crisis is back in the public domain. Not by accident, Brexit support has dropped sharply – from 46 percent two months after the Brexit referendum in 2016 to 37 percent in May, according to a YouGov vote.

Too often, the opposition party tends to enjoy the flaws of the ruling party. But the big success of Johnson 2019 changed the way politics is used. Both the Conservative and Labor parties have had the support and anti-European wings since Britain joined the EU 50 years ago. By adding 80 seats to Johnson’s leadership, the Tories won a majority of seats in northern England which was traditionally Labor but voted for Brexit in a referendum.

After criticism, the Labor Party led by Keir Starmer decided to settle in the Brexit camp under the new slogan, “Make Brexit Work.” That would be impossible, even for many British pro-Europeans who are monitoring the deteriorating economy as a dream come true. It would be tempting for anyone who replaces Johnson to blame for the Brexit crisis – but this approach could work for a long time.

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