Economy of UK Is Having a Hard Time

Economy of UK is having a hard time. The country has begun to feel the disruptions that followed Brexit.

Although the new type of coronavirus (Covid-19) epidemic effected the economy of the whole world, it is obvious that the UK economy is one of the economies most affected by this situation. So much so that the latest surveys show how much pressure Brexit has on the country's economy. According to UK-based financial research organization IHS Markit, manufacturers and service firms in the UK have been hit hard by the disruptions in exports and supply chains. In its report last week, IHS Markit published leading data on the Purchasing Managers Index (PMI) of France, the UK, Germany, Japan, Australia and the United States, announcing that factories in the UK showed the sharpest increase in delivery times. The report published by IHS Markit noted that the PMI data in the UK are linked to gaps in international transport and disruptions in the post-Brexit supply chain. Although the articles of the agreement between the United Kingdom and the European Union (EU) last month do not cover customs tariffs and quota applications, it is a known fact that imported and exported goods should be checked and documents must be filled in. It is stated that this situation causes slowdown and disruptions in the supply chain. Having entered the European Union in 1973, the UK left the EU common market as of December 31, 2020. While new regulations between the UK and the EU in areas such as trade, travel, immigration, law and security came into force, the UK had left the jurisdiction of the EU courts.       You may also want to read this: Brexit Process Completed By the End of the Year