27 Sep 27.09.2016 UK’s economy is on the road to recovery from the Brexit vote
27.09.2016 UK’s economy is on the road to recovery from the Brexit vote
Although the International Monetary Fund (IMF) has slashed its forecast for UK growth next year, there is evidence to suggest that the UK economy may be showing signs of recovery. With downturn in manufacturing and construction activities coming to an end in July, UK’s service sector, the real powerhouse that makes up 80% of UK’s economy, returned to a positive growth in August. Furthermore, UK stock market rebounded most from pre-Brexit level. FTSE 100 and FTSE 250 witnessed respectively a 14% and 20% rise in value since post-Brexit lows. As scenes of massive laid off, relocation or moving out of London by significant financial institutions are nowhere to be seen, commentators still regard UK as the financial capital of Europe, with high hopes of economically surpassing Germany and France.