The UK’s economy shrank for the first time since 2012 in the second quarter according to fiscal data made available by Britain’s Office for National Statistics.

With Boris Johnson’s British government committed to exit the EU on October 31, regardless of whether a deal passes from the House of Commons or not, allowing the UK to exit with a transition period so as to avoid trade disruption, the outlook for the last quarter of 2019 seems uncertain.

Taking into consideration the slowdown of the global economy, due to a trade dispute between the United States and China, the UK’s year-on-year economic growth is down to 1.2% from 1.8% in the first quarter of 2019.

 

Full article available: https://www.neweurope.eu/article/uk-economy-shrinks-in-second-quarter-first-since-2012-and-ahead-of-brexit-deadline/

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