The economy of the UK will change out of all recognition due to two concurrent events: Brexit and the Pandemic.
The results are likely to be long-lasting and affect every inhabitant of our wonderful country.
Originally posted as a Twitter thread, this article attempts to capture just a few of these changes.
- Companies will tell more employees to work from home and come into the office less.
Offices will consist of hot-desks.
Firms will need just one third of the space previously rented so will downsize.
Freed-up commercial space will convert to residential, easing the housing crisis.
- Manufacturers will want much shorter supply chains.
To satisfy this demand, UK suppliers will reshore production to the UK.
This will positively impact local employment and logistics.
It will also boost local training at local academies as well as apprenticeships on offer.
- UK ports such as Liverpool will thrive.
As we seal bilateral comprehensive Free Trade Agreements with massive economies overseas such as America, Japan and Australia, so goods will need to be imported and exported directly, and not via EU trans-shipment ports such as Rotterdam.
- As our trade relationship with the EU declines steadily, so our trade with countries in the Commonwealth and the Rest of the World will increase.
Already, UK SMEs — particularly micro-exporters surveyed — are eyeing enhanced trade with new markets.
These are exciting times.
- Because there won’t be a constant supply of cheap, often relatively well-educated foreign EU labour, the UK will need to boost education standards here and UK-based firms will have to train more local people to a satisfactory standard and pay them an equitable, competitive wage.
- Because far fewer people will be commuting — with more working from home — roads may well become less congested, commuter trains less nightmarish and generally public transport slightly more bearable.
We can hope.
- Of course, there’ll be knock-on effects, not least of which will be a boost to bicycle (peddle and electric) ownership and a reduction in private and company car purchases.
We may own the same number of cars in the future, but just not change them quite so frequently.
- Nottingham, Southampton, Herriot-Watt, Middlesex and Newcastle are just some of the UK universities with campuses abroad. From Mauritius to Cyprus to the UAE to Malaysia to China. More UK tertiary institutions will open campuses overseas to attract foreign dollars for UK education.