Friday, 19 October, 2018

Worst impacts of Brexit could be delayed for two years

Worst impacts of Brexit could be delayed for two years Worst impacts of Brexit could be delayed for two years
Nellie Chapman | 23 February, 2018, 05:56

Brexit minister Robin Walker added: "I think it's important that we (the United Kingdom and EU) are both aligned on the rough duration of the period, clearly there are negotiations still to come in exploring exactly where we draw it to a close". However, overall a greater number are still arriving in the country than departing.

Economists said the figures showed Britain's economy was growing at roughly the pace the Bank of England sees its new, lower speed limit, meaning a rate hike was still on the cards.

The paper stated the length of the "status quo" transition "should be determined simply by how long it will take to prepare and implement the new processes and new systems that will underpin the future partnership", which "points to a period of around two years".

"Brexit could well be a factor in people's decision to move to or from the United Kingdom, but people's decision to migrate is complicated and can be influenced by lots of different reasons".

It is the first time net migration from the bloc has dipped below six figures since the year to march 2013, when it was 95,000.

The approach, set out in her speech in Florence in September, envisages different areas in which the United Kingdom would either continue with existing regulatory frameworks, operate its own separate rules largely mirroring those in the European Union or diverge significantly from the Brussels regime.

The latest ONS figures show this now stands at 244,000, a year-on-year drop of around 29,000, or 11%.

It means net European Union migration - the difference between arrivals and departures - was 90,000, the lowest for five years.

She said: "The Government's failed net migration target continues to be breached".

Armed with more information following an initial estimate, the Office for National Statistics said Thursday that the British economy expanded by only 0.4 per cent in the October to December period, down from 0.5 per cent before, largely because of lower than anticipated industrial production.

However, some academics and industry groups disagreed.

"To compete, the United Kingdom needs to be somewhere that people want to come to work, and regrettably, increasingly it isn't", said Neil Carberry, managing director for people and infrastructure at the Confederation of British Industry (CBI). Shortages have intensified since the Brexit vote on construction sites - especially from Eastern Europe - as well as in other sectors such as nursing and agriculture. Top ministers in the British government are gathering at Prime Minister Theresa May's country retreat Thursday to try to forge a consensus on the way ahead in discussions with the EU.