Brexit Britain faces five to ten year COVID recovery, Sorrell says By Reuters

© Reuters. Sir Martin Sorrell walks down Whitehall, as a meeting takes place addressing the government’s response to the coronavirus outbreak, at Cabinet Office in London

LONDON (Reuters) – Britain could take five to 10 years to properly recover from the pandemic because the COVID-19 financial hit will sap the economy of the firepower it needs to rebuild for Brexit, advertising supremo Martin Sorrell said on Monday.

Britain has recorded the worst death toll in Europe and the deepest economic contraction of any leading G7 nation from the coronavirus, forcing it to pump more than 200 billion pounds ($263 billion) into the economy to keep it afloat.

It is now preparing to finally leave the European Union on December 31, and is yet to secure a future trade deal.

“It is going to take a long time for the UK to recover unfortunately,” Sorrell, the founder of the world’s biggest advertising company WPP (LON:) and one of the longest serving chief executives of British listed companies, told Reuters.

“It’s going to be a tough 5 to 10 years, we’re going to be 5 to 10 years before the economy fully recovers from the Brexit withdrawal and the industrial changes that will need to take place, to re-skill, to re-educate, to invest in the necessary infrastructure.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.