The British economy struggles as unemployment and household income that could lead to a recession if the Brexit turns out a no deal to avoid the collapse of the UK leaving the EU next year as the UK leaving the EU next year, based on the global rating agency S&P report. Price of properties will likely drop while inflation goes up over 5% amid the situation of the S&P amid the Brussels issue to be on standstill on a Brexit deal. A probable decline of the UK credit rating which would likely increase the Treasury’s borrowing costs, according to the S&P. At the same time, they anticipated Brexit talks to end with an agreement before March next year. However, a speculation of a no deal on Brexit rose in the past months and needed to give a heads up to foreign investors regarding the probable risks in the future. Reports from the S&P forecast of a plunge in unemployment for a record low of 4% to 7.4% in 2020 after the financial crisis and a decline of 10% on the housing prices in two years. Household income will drop to £2,700 compared last year’s figure in case of a no deal. London corporate rates will likely decrease by 20% in the next two to three years, as much as the decline after the 2008 financial crisis. EU negotiations are about to end in the next few weeks and almost complete on important topics including concerns on Northern Ireland border but are still undecided. The undecisive progress has further raised doubts on the agreement has to be done soon and both sides need to be finalized.
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