Home » General World News » There is ‘not a chance’ the most widely touted economic benefit from Brexit will materialise

There is ‘not a chance’ the most widely touted economic benefit from Brexit will materialise





Musa Aumeed brazes a bike frame at the Brompton Bicycle factory in west London January 10, 2014. Loan refusal letters and retailers' rejections frame the walls of the Brompton Bicycle factory, a reminder of the obstacles the firm has overcome to establish itself as the UK's top bike-maker, selling 45,000 a year around the world.

  • Commerzbank’s chief UK economist Peter Dixon tells BI there is “not a chance” of a Brexit-driven manufacturing renaissance in Britain.
  • The UK has moved consciously to be a services economy, and that cannot be easily reversed.
  • Manufacturing currently accounts for around £400 billion of Britain’s GDP.

LONDON — There is “not a chance” that the British economy will start to rebalance away from the services sector and towards manufacturing after Brexit, despite arguments to the contrary from many of those who backed leaving the European Union, according to the chief UK economist at Germany’s second largest lender, Commerzbank.

Speaking to Business Insider this week, read more >>>

Source:: BusinessInsider.Com

Comments are closed.