Britain’s sluggish economy looks to have dodged recession in the run-up to its deadline for leaving the European Union this month. More here:
LONDON - Britain’s economy looks to have dodged recession in the run-up to its deadline for leaving the European Union this month but the pace of growth has sagged as exporters felt the impact of the slowing world economy, official data showed on Thursday.
Output in August alone dropped by 0.1% on the month versus economists’ average forecast for it to hold steady, the Office for National Statistics said.The world’s fifth-biggest economy shrank in the second quarter, driven by a sharp decline in April when businesses found themselves holding unnecessary stockpiles of raw materials after Brexit was delayed from the original date of March 29.
Investec economist George Brown said Britain was set to avoid a recession. “But at the same time it is apparent that growth is fragile amid the uncertainty surrounding Brexit and the global economic backdrop,” he said. Two consecutive quarters of contraction would mean Britain’s economy met a commonly used definition of recession, but the ONS said the economy would need to shrink by an almost unprecedented 1.5% in September alone for this to happen.
So far the Bank of England has not followed the U.S. Federal Reserve and European Central Bank and cut interest rates but last month one BoE policymaker, Michael Saunders, said this might prove necessary.
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