Before the Brexit poll in June this year, there were many uncertainties about the economy of Britain. Many analysts saw UK economy in reverse after Brexit vote
while others warned of the possibility of an economic recess within months after the referendum. Just after the poll, the economy suffered the effects of the uncertainty created by the lack of a functional government. Households and companies were more inclined to limit spending at that time. The truth is, however, that the referendum outcome has had little effect on Britain’s economy. Evidence attached to recent data from the Office for National Statistics shows that the nation’s economy is showing evidence of UK economy improving. In July, retail sales and the labour market performed strongly. A survey conducted by Markit in August showed that the UK service sector is rising, meaning that shoppers have remained calm in a post-Brexit environment. According to OECD forecasts, Britain’s economy is set to rise from 1.7% to 1.8%. These statistics present signs of UK economy improving. Towards the end of this year, however, the economy might experience a slowdown since the official process of exiting the EU is likely to start.