Post-Brexit: the UK maintains trade relations with the US

The British economy has been affected by the decision to leave the EU, which is called Brexit. Prime Minister Theresa May said during her flight to the G20 summit in the Chinese city of Hangzhou on September 3 that there would be “difficult times ahead” for the economy after leaving the EU. 

The prime minister said the economy was in better shape than some had predicted following the vote for Brexit, but she was not expecting an easy ride.

The latest data released on September 1 showed that manufacturing had increased at the fastest pace in 10 months in August. This marked a remarkable rebound after a period of serious reduction due to the impact of the referendum when Britons voted to leave the EU in June. 

The pound sterling’s devaluation has led to an increase in export orders in August. The Purchasing Managers Index (PMI) Markit/CIPS in the manufacturing sector rose to 53.3%, which was 50 points higher than the required indicator for a solid rebound. 

Many enterprises said manufacturers and customers had been reassured to return to their normal production levels after 7 months of stagnation.

Despite of positive economic signs, Prime Minister Theresa May says Brexit will harm the British economy. She asked the government to closely watch economic indicators before introducing financial measures to protect the economy in the last months of the year.

Mrs. May told the G20 summit in China that Britain, with an open, reliable, and long-term vision, would open its economy to enterprises and that the country would play a leading role in global free trade.

On the sidelines of the G20 summit, Mrs. May held talks with US President Barack Obama on measures to ensure that both countries had the strongest possible trade relationship. Mr. Obama said Mrs. May had gained firm influence in the post-Brexit and the US pledged a good relationship with the UK.