The Brexit vote that already has two years’ history has brought some damage to the UK economy. Are you a merchant running a business in the UK? Are you looking for reliable payment providers UK? Read this article and you’ll know more about the current economic situation. Also, you’ll learn how you can find a reputable payment processor UK to work with.
Brexit Vote for the UK Economy: Payment Providers UK
According to the forecasters in the field, Brexit has dragged down the UK economy from about 1% of gross domestic product (or £20bn a year) to 2% (or £40bn a year).
Based on the EY Attractiveness Report, there was a 6% increase in the total inbound UK investment projects in 2017 to account for 1.205. This was also conditioned by a 22% growth in digital investments.
Robert Chote, chair of the Office for Budget Responsibility, has recently warned that it’s not right to rely too much on early estimates of short-term movements in GDP. The thing is that, on the one hand, it’s not easy to measure them. On the other hand, they need to be revised.
According to the EY report, the number of financial services investment projects coming into the UK dropped by 26%. The overall number across the EU grew 13%. The report also shows that UK businesses are accelerating their actions aiming to adjust themselves to a post-Brexit environment.
With all this in mind, merchants in the UK should work only with a reliable and experienced payment provider to get only the best for their business needs. For this, you should turn to a reputable payment expert in the UK that can help you find the best payment providers UK.
A respectable comparison company will offer you free consultation, reviews of contracts, rates, and fees so to help you enjoy the best deal for your business. By the way, be sure to turn to a true professional that can provide you with the most honest snapshot of the company at the time of writing.
What to Expect
Nicky Morgan, chairwoman at the Treasury Committee, says that the parliament’s vote on the withdrawal agreement and future relationship should be well informed so that not to become meaningless.
The EY estimates on foreign direct investment are enough timely. This can’t be said about the estimates from the Office for National Statistics. These are less timely. Projects appear in the Office for National Statistics (ONS) data after investments get completed. So, this can often last several years.
All the individual estimates are controversial. However, as pro-Brexit economists note, no perfect way exists for producing such estimates. According to Julian Jessop, chief economist at the Institute of Economic Affairs, the Brexit hit accounts for 1%. However, the negative impact on growth isn’t likely to be ever-lasting.
The effect brought about by Brexit is expected to continue to increase during 2018. It could reach cumulative 2% points of GDP by the end of the year. So, look for a respectable payment processor and merchant services provider that can help you grow your business successfully.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry, including payment providers UK, has helped thousands of business owners save money and time.
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