Britain’s economy lost speed in the three months to October, reflecting lower car sales and factory stoppages due to weaker demand that business groups blamed on uncertainty about Brexit. GDP growth slowed to 0.4%, in line with a Reuters poll of economists, from a strong 0.6% in the third quarter of 2018. Monday’s data confirmed that the economy’s strength over the summer represented something of a blip, caused by a boost to consumer spending from an unusually warm summer. “The latest GDP data is further evidence that the drag effect of persistent Brexit uncertainty and the significant cost pressures faced by consumers and businesses is taking its toll on the UK economy,” Suren Thiru, head of economics at the British Chambers of Commerce, said. Markets showed little reaction to the data, with their focus on whether Prime Minister Theresa May would go ahead with a parliament vote on her preferred Brexit deal due on Tuesday. Looking likely to lose heavily, May postponed the vote over ...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.