Jonathan 'Johnny' Reynolds is the Secretary of State for Trade and Industry charged with spearheading the UK's push for growth. Reynolds who was previously a trainee solicitor and then an assistant to MP James Purnell has no previous business experience. Despite this, he boasts of three major trade deals with, India, the EU, and the USA. It is estimated that these three deals will add less than 1% to the UK GDP in about ten years’ time. Leaving the EU has cost the UK at least 4% of GDP.
Since growth in the UK is very slow owing to the overall economic conditions, and since it is now almost impossible for small and medium sized businesses to sell to the EU given the onerous post-Brexit paperwork and expense involved, it is difficult to see where growth can be found.
Since leaving the EU, the UK has suffered from a shortage of workers in many sectors of the economy, including the NHS, care, hospitality, construction, food processing, and agriculture.
Whilst some EU workers were initially replaced by those from countries such as Nigeria, Bangladesh, and India in response to calls from Nigel Farage, the government has now introduced minimum salary requirements of almost £40,000 per annum for anyone seeking work in the UK. The result is likely to be much more severe shortages.
The government plans to train up British citizens to do the work formally done by foreign workers. Inward investment, often amounting to foreign companies buying UK infrastructure and businesses has dried up, although it is expected that major US asset managers will soon start buying up and renting back UK housing stock.