Growth slows and inflation soars in year

THE ECONOMY, businesses and consumers have borne the brunt of the Brexit vote, with growth slowing, inflation soaring and a host of financial firms beginning to shift jobs overseas as a result.

Since June 24 last year, the City’s position as a global financial centre and the engine of the British economy, regarded as one of Margaret Thatcher’s most enduring legacies, has been put at risk by her Tory successors.

Thousands of jobs are set to leave the UK, and executives at JPMorgan and Citi say Britain will continue losing out over the next decade as the EU builds up its own financial services industry. HSBC is due to move 1,000 jobs from London to France, although Frankfurt has emerged as a favourite among foreign banks.

Inflation is now outstripping wages as the pound’s plunge has sent the cost of imported goods and energy soaring.