This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.theguardian.com/business/2016/oct/27/uk-economy-defies-brexit-slowdown-fears

The article has changed 7 times. There is an RSS feed of changes available.

Version 0 Version 1
UK economy defies Brexit slowdown fears UK economy defies Brexit slowdown fears
(35 minutes later)
Britain’s economy performed far better than expected in the aftermath of the Brexit vote, with GDP falling to 0.5% from 0.7% in the previous quarter. This was comfortably ahead of City forecasts of 0.3%. Britain’s economy performed far better than expected in the aftermath of the Brexit vote, with GDP falling to 0.5% from 0.7% in the previous quarter. This was comfortably ahead of City forecasts for growth of 0.3%.
The figures from the Office for National Statistics (ONS) are for the three months to the end of September and are the first official verdict on how the economy has performed since Britain voted to leave the European Union.The figures from the Office for National Statistics (ONS) are for the three months to the end of September and are the first official verdict on how the economy has performed since Britain voted to leave the European Union.
A buoyant services sector kept the economy moving ahead despite a contraction in agriculture, construction and manufacturing during the quarter.A buoyant services sector kept the economy moving ahead despite a contraction in agriculture, construction and manufacturing during the quarter.
It rules out the prospect of a technical recession – defined by two consecutive quarters of contraction – in the second half of the year that was predicted by many economists before the referendum vote.It rules out the prospect of a technical recession – defined by two consecutive quarters of contraction – in the second half of the year that was predicted by many economists before the referendum vote.
The figures also comfortably beat the latest forecasts from Bank of England policymakers, who were predicting at the time of the August inflation report that third quarter growth would come in at 0.1%.The figures also comfortably beat the latest forecasts from Bank of England policymakers, who were predicting at the time of the August inflation report that third quarter growth would come in at 0.1%.
Britain’s economy has been growing for 15th consecutive quarters. The relative resilience of the UK economy since the Brexit vote on 23 June has largely been attributed to a willingness among consumers to keep spending, as well as strength in the services sector. Chancellor Philip Hammond said the figures demonstrate the resilience of the UK economy, which was ‘well-placed’ to deal with the challenges and opportunities created by the EU referendum.
“We are moving into a period of negotiations with the EU and we are determined to get the very best deal for households and businesses. The economy will need to adjust to a new relationship with the EU, but we are well-placed to deal with the challenges and take advantage of opportunities ahead.”
The TUC general secretary, Frances O’Grady, said the government needs to do more to help UK manufacturing. “We can’t yet say what impact Brexit will have on our economy, but these figures show there’s no room for complacency. British manufacturing is still struggling, and now faces real uncertainty following the vote to leave the EU.
“The government must use next month’s autumn statement to boost Britain’s jobs and wages. This means investing in infrastructure like roads, rail and homes, and raising the national minimum wage.”
Britain’s economy has been growing for 15 consecutive quarters. The relative resilience of the UK economy since the Brexit vote on 23 June has largely been attributed to a willingness among consumers to keep spending, as well as strength in the services sector.
The International Monetary Fund has predicted that Britain will be the fastest growing of the G7 leading industrial countries in 2016, with growth of 1.8%. The Washington-based fund accepted that its warning of a post-Brexit vote financial crash had proved too pessimistic.The International Monetary Fund has predicted that Britain will be the fastest growing of the G7 leading industrial countries in 2016, with growth of 1.8%. The Washington-based fund accepted that its warning of a post-Brexit vote financial crash had proved too pessimistic.