BREXIT PUTS UK ON THE BRINK OF RECESSION

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The UK has just missed recession status despite seeing the biggest year-on-year slowdown in nearly a decade with mainly people blaming BREXIT.

The Office for National Statistics said the 0.3% growth for the latest quarter signalled the economy “slowing” as the annual GDP rate had fallen to 1% since the same period in 2018.

As it’s down from 1.3% for the previous April to June period, it represents the weakest annual rate since 2010.

Prior to the 2016 Brexit referendum, the economy had typically grown at more than 2% a year.

Tej Parikh, economist at the Institute of Directors, said: “Narrowly avoiding a recession is nothing to celebrate.

“The UK economy has been in stop-start mode all year, with growth punctuated by the various Brexit deadlines.”

Brexit has seen mass slow down in the UK retail sector and we the Euro Weekly News spoke to a leading retailer who has over 100 stores, the close source said ” Ever since Brexit was announced it’s been a night mare, currency has crashed making supply so more expensive causing higher prices – whilst consumers lack spending confidence – any one who   voted to leave should think about the consequences they have caused the country ”

 

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Written by

George Stephens

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