Sunak is in a good position to oversee the UK’s economic boom as the country prepares for Brexit.
Economists believe that Freedom Day will lead to a stronger pound and increased tourism in the coming months, which will benefit RISHI SUNAK.
After all social distancing measures in England were lifted this morning, experts at Saxo Group predicted that Chancellor Rishi Sunak would benefit from the economic boom. The leisure, hospitality, entertainment, and retail businesses are projected to benefit the most from the reopening, according to the report.
It further stated that nightclubs will be allowed to reopen, and that quarantine-free travel to and from amber list nations will provide a welcome boost to tourists.
However, as the economy recovers, it is possible that internet businesses, food delivery companies, and the construction and remodeling industry would suffer.
“As the country reopens, people are keen to go and enjoy the things they’ve been denied of for over a year,” says Adam Seagrave, global head of sales trading at Saxo Group.
“Thousands of people will travel, party, and go out again, boosting the UK economy overall.
“Inflation will affect different industries in different ways, depending on how the reopening affects their operations.
“For commodities and building materials, certain pricing pressures are projected to ease.
“For example, the travel business in the United Kingdom should be boosted, particularly because the Covid situation in certain typical destination nations (such as Spain or France) is impeding the regular influx of UK tourists.
“Instead, money will be spent in the United Kingdom.
“It is critical that we see a return to full employment because it is critical for the economy, and we must certainly prevent future COVID-19 lockdowns to do so.”
Mr Seagrave commented as the Office for National Statistics reported that overall goods exports, excluding precious metals, grew by £1.3 billion (4.9 percent) in May, owing to an increase of £1 billion (8 percent) in exports to European Union countries.
The ONS statistics also revealed that for the seventh month in a straight, the UK imported more from non-EU nations than the EU, though the difference is shrinking.
It comes as the United Kingdom continues to forge international trade agreements with countries outside of the European Union.
“Freedom Day represents a reopening of the country before most of its European peers,” says John Hardy, head of FX Strategy at Saxo Group.
“At the same time, it appears that the European Central Bank’s monetary support will not be phased off very soon, contrary to our expectations.”Brinkwire Summary News”.