FILE - This is a Wednesday, Nov. 2, 2016 file photo of Britain's Prime Minister Theresa May speaks during a press statement with Colombia's President Juan Manuel Santos at 10 Downing Street in London. Britain’s High Court brought government plans for leaving the European Union screeching to a halt Thursday, Nov. 3, 2016 ruling that the prime minister can’t trigger the U.K.'s exit from the bloc without approval from Parliament. (AP Photo/Kirsty Wigglesworth, pool, File) (AP)

Brexit panic is back: British PM Theresa May is struggling to convince the UK that Brexit won't cause an economic catastrophe

The British Prime Minister rushes to reassure businesses amid reports the Brexit vote has hurt the British economy


Matthew Rozsa
November 22, 2016 1:15AM (UTC)

British Prime Minister Theresa May is working to convince businesses in the UK that Brexit will not ultimately hurt their bottom line, according to a BBC report on Monday.

"People don't want a cliff-edge; they want to know with some certainty how things are going to go," May declared during the CBI conference.

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She also told her audience that she was "conscious that there will be issues that will need to be looked at."

Although May promised to be as transparent as possible on the government's Brexit plans, she pointed out that she will not provide "a running commentary on every twist and turn."

May's official spokeswoman elaborated on these comments by saying that May "was reflecting the views we have expressed already about how we secure the best deal for the UK and how we seek to provide certainty where we can to businesses and people across the UK of the steps moving forward."

Pressure has increased on May due to reports, like this one on Monday from The Guardian, that the British economy is starting to suffer as a result of the Brexit vote. According to The Guardian's analysis, the pound is stuck at $1.22 against the dollar, demonstrating an 18 percent drop since the referendum; inflation jumped to 1 percent, its highest level in nearly two years; retail sales have plateaued due to the increase in clothing prices and the unusually warm autumn weather; and imports have risen faster than exports, increasing Britain's trade deficit.

Overall, The Guardian found that out of eight economic indicators used to assess the post-Brexit economy in Britain, four were worse than expected, with only two meeting expectations and another two surpassing them.


Matthew Rozsa

Matthew Rozsa is a breaking news writer for Salon. He holds an MA in History from Rutgers University-Newark and is ABD in his PhD program in History at Lehigh University. His work has appeared in Mic, Quartz and MSNBC.

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