By Ben Kerrigan-
Is Britain Better Or worse under Brexit? New data from the office of National Statistics suggests Britain has been better since Brexit, but how factual is this?
The number of Unemployed people in Britain dropped by 52,000 to 1.64 million, according to new information from the office of National Statistics Department.
The official data suggests that Brexit has so far posed no adverse effects on the British labour market.
The level of unemployment is reported to have dropped by 4.9 percent in
the three months leading up to June, with overall earnings up by. 2.4 percent.
It is unclear why the office of National Statistics have used the last three months leading up to June as a measure. Brexit only happened last June and has not yet been officially invoked.
Any competent assessment should assess changes after June; even the month of August may be too soon to base an objective judgment of the effects of Britain leaving the European Union.
Further optimism in the economy came with the update on the consumer price index, stating that it was higher than expected with the growth rate up with 0.6 percent rise recorded in July.
CLAIMANT COUNT
That positive update was boosted by the news that the claimant count- the measure that assesses the number of those claiming unemployment related benefits dropped by 860,000 in contrast with the projected increase of 950,000.
However, the overall increase in the workforce was up by 172,000.
IMPRESSIVE
The statistics seems.impressive, but economists will continue to assess the impact of Brexit on the economy. Brexit has not yet been.officially invoked, and will not be given any legal force until 2017 at the earliest, UK prime minister, Theresa May has long said.
Uncertainty in the business world was an initial problem immediately after Brexit, and appeared to be having an adverse impact on the economy.
Now, official statistics suggest that the labour market and economy has improved since the Brexit outcome. This looks good for now, though a longer period is necessary for a broad analysis.