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Published On: Wed, Aug 31st, 2016

UK economy booming after Brexit defying the ‘experts’ and President Obama’s warnings

The International Monetary Fund, central bank chiefs, academic economists all warned against the Brexit. Then-Prime Minister David Cameron warned that Britons who voted to leave would risk their Social Security-style pensions. President Obama said Britons would have to “go to the back of the queue” to finalize trade deals with the United States.

After the vote, the British pound plummeted. Financial traders believed their government’s warnings and ditched the currency.

photo/ screenshot YouTube

photo/ screenshot YouTube

Before Brexit, one British pound was worth $1.48. Today, it’s worth $1.32. The pound has fallen against other currencies, too.

The result is a record number of visitors to Britain this summer with tourists spending record amounts of money. “Retail sales smashed expectations in August,” the Daily Mail noted on Friday.

In the month before Brexit, airline reservations to Britain were down compared to the previous year, the Guardian reported. After the Brexit vote, they jumped 4.3 percent.

Other parts of the economy haven’t suffered, either. Consumer confidence and domestic spending are both up.  Manufacturing and home-sales reports are well and good.

E-commerce sales in the UK grew nearly 19% YoY during the month of July, notes Ecommerce News citing IMRG Capgemini’s Sales Index. Notably, this is the highest growth rate the country has experienced since 2014.

Online orders in the UK from foreign shoppers accounted for 27% of the total online retail market. Typically, cross-border accounts for around 23% of the UK’s total e-commerce market.

“We’ve broadened our reach with emerging markets across the world to cement our position as the number one destination in Europe for investment,” International Trade Secretary Liam Fox.

“This continued vote of confidence in the UK will help attract foreign investment to create jobs, security and opportunities for people across the UK.”

Fox also revealed the inward investment secured in the last financial year have created or protected at least 116,000 jobs – the second highest figure on record.

Adam Marshall, acting director general of the British Chambers of Commerce, said: “Keeping the UK attractive to overseas investors is important for our future success.

“As Britain approaches a time of economic change, we must continue to welcome investors that are willing to make a sustained, long-term commitment all across the country.”

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About the Author

- Writer and Co-Founder of The Global Dispatch, Brandon has been covering news, offering commentary for years, beginning professionally in 2003 on Crazed Fanboy before expanding into other blogs and sites. Appearing on several radio shows, Brandon has hosted Dispatch Radio, written his first novel (The Rise of the Templar) and completed the three years Global University program in Ministerial Studies to be a pastor. To Contact Brandon email [email protected] ATTN: BRANDON

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