Manufacturers and services firms have been hit hard by supply chain and export disruption, according to data company IHS Markit. “This was almost exclusively linked to both Brexit disruption and a severe lack of international shipping availability,” IHS Markit said. Proponents of Brexit say Britain will benefit in the long run by striking its own trade deals and forming its own regulations outside the EU. Brexit disruption in the first quarter of 2021 was likely to reduce British economic output by around 1%, International Monetary Fund Chief Economist Gita Gopinath said on Wednesday. “The service economy was hard-hit by restrictions on trade and reduced consumer spending at the start of the year,” IHS Markit said.

Source: bd News24 January 28, 2021 06:56 UTC