Brexit looming The first challenge, Brexit, began in June 2016, when the majority of UK voters decided to leave the EU. Where are we now? Brexit is definitely happening, and it is more and more likely to be a hard Brexit – by which I mean that there will be a complete exit rather than a partial one.
Clearly standards of living will be greatly improved in China and India, which make up one third of the world's population, with the raising of income levels for their own citizens. At the same time, the supply of low-priced goods and services will act to boost effective disposable incomes throughout the world. There will also be less welcome effects.