Everyone would have heard the term LIBOR (London Interbank Offer Rate) which is the most used word in the debt market. This country is the headquarters of world-class bank viz. HSBC, Barclays, RBS, Standard Chartered etc.
This country has the most prestigious universities like University of Oxford, University of Cambridge, Imperial College London, University of Edinburgh, University of Manchester, London School of Economics and Political Science (LSE) etc., getting admission in any of these colleges is an accomplishment for any student across the world. Winston Churchill (former PM) once said "the maxim of the British people is Business as usual". Do these words still prevail in the current context of the UK economy? Let's see
Going back to the era of World War II and the rise of the USA will be too long and complex. A lot has happened in the last 6 year such as Brexit, Pandemic, Ukraine-Russia war, energy crisis, inflation and fiscal policy decisions. There are some Internal and External factors responsible for current status of the UK economy.
After triggering Article 50 on 4 April, 2017 (2 year countdown for Brexit), the growth rate of GDP has gone down from 2.4% to 1.70% and 1.60% as of 2017, 2018 & 2019 respectively despite normal economic situation in the world at that time, GDP growth slumped by 29.17% in 2018.
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