And speaking of the UK, what’s this about ‘having to get rid of much of its social safety net’? February 1, 2017Posted by WorldbyStorm in Uncategorized.
The U.K.’s decision to leave the European Union is going to lead to dramatic changes in the way the country’s economy operates, which could create opportunities for a firm like Terra Firma Capital Partners, Chairman Guy Hands said.
The country will have to get rid of much of its social safety net and may see a 30 percent decline in wages in real terms in the next 20 years to enable it to compete outside of Europe, Hands said in an interview on Bloomberg Television. Debt will command higher interest rates as more risk is ascribed to an independent U.K., and immigrants from Europe will be replaced with workers from the Indian subcontinent and Africa, who may be willing to accept “substantially” lower pay, he said.
Jesus Christ, they’re not exactly shy about the implications of the vote, are they?