It has been seven years since the Brexit referendum, took place but the issues have just kept on rising since then ranging from political to economic domain.
The current inflation rate is at 8.7% with interest rates at 4.5%. This results in consumers paying more for the same product and the same loan they took to pay for the product. But the problem is that the majority of inflation is in food and energy products that cannot be avoided.
The PMI manufacturing has been contracting for 10 months leading to the lowest GDP growth estimates. Even exports have declined to an August 2022 low while imports decline as well but this becomes negative for the economy as it indicates reducing demand.
The problem even extends to commercial real estate. Once the world go to a financial centre Canary Wharf, is now just getting emptied as a lot of tenants shift base to Paris or Munich. The only bright spot is that residential prices, for now, are stable.
All these issues combined might result in difficult quarters ahead and elections in 2024 would only delay any hope of recovery.