Johnson’s resignation puts the British economy in a state of collapse

The Guardian newspaper wrote that Boris Johnson leaving the premiership is making the British economy in a state of collapse.
She published an article in which she noted that Johnson came to Downing Street in July 2019 with a promise that his leadership would make Britain’s exit from the European Union a success and revitalize the faltering economy due to disagreements over London’s future cooperation with Europe, but that after three years, he left behind a country suffering from political collapse , which he himself caused as the economy teetered on the brink of deflation.
The cost of living in the UK has risen at its fastest rate in four decades, as families face the biggest hit to real income ever.
The British economy is witnessing the largest drop in GDP in the Group of Seven in 2020 due to the Corona virus pandemic. As the country reopens, Johnson cited the fastest rate of GDP growth among developed nations.
Prices will rise at a rate of 9.1 percent and in October of this year, according to experts’ forecasts, may reach 11 percent.
According to independent economists, the long-term impact of Brexit would mean a 4% hit to the UK economy within 15 years. Trade disruptions and too much red tape at the border led to a 40% drop in exports to the European Union in January 2021, the first month after Brexit. While EU monthly exports rebounded, UK trade numbers lag behind others.

Contrary to the politician’s promises, company executives are warning that investment in the UK’s economy has been hit by uncertainty over the Northern Ireland protocol. Many of his supporters and opponents alike agree that Brexit is not working as planned.
Gerard Lyons, Johnson’s chief economic adviser when he was mayor of London said: “The real problem is that Boris didn’t really have the economic vision to counter the Treasury dogma. This is a challenge not only to the prime minister himself, but also to the highest levels of British power over the coming decades. This One of the most important issues that needs to be addressed.”

Unlike other Conservative leaders of the past decade, Johnson believed more in government intervention and the strength of public spending and promised to undo Britain’s regional imbalances. But the promised rebalancing was delayed as the country first survived the pandemic, then the inflation caused by the resumption of the global economy, and finally drifted into the situation in Ukraine.