The United Kingdom is facing political turmoil, exacerbating an already challenging economic situation. According to Coface, the U.K.’s GDP is expected to decrease by 1% in 2023. Adding to the country’s problems, the Northern Ireland Protocol, which currently keeps Northern Ireland in the EU Single Market, has caused tensions and resulted in the resignation of the previous Prime Minister. The current Prime Minister, Rishi Sunak, has made resolving the issue a top priority and recently visited Northern Ireland. In addition to this, Scotland’s First Minister, Nicola Sturgeon, has faced significant political pressure, including the ruling that a referendum on Scottish independence requires an agreement with the U.K. Parliament. This pressure led to her resignation, and an internal election will be held to choose her successor in March 2023.
Learn more. here: https://www.coface.com/News-Publications/News/How-United-is-the-Kingdom-The-Northern-Ireland-Protocol-and-Nicola-Sturgeon-s-resignation