Thursday, October 18The Voice of London

Brexit fears shrugged off as the UK economy grows by 0.5%

Official figures announced this morning shows that UK economy did well in the third quarter after people have voted to leave EU.  

Reporter: Shingirai Mupfupi | Sub-editor: Abigail Megan Widya

Credit: Public Domain Pictures
Credit: Public Domain Pictures

The Office of National Statistics reveals 0.5%  economy growth an increase, although it is still slower than the previous quarter by 0.2%. Yet this is stronger than analysts had predicted. The Bank of England had predicted 0.3% which is more than half of the final figures released today.

The Chancellor of Exchequer Philip Hammond welcomed the news, “We are very pleased to see that the economy resilient, very strong, third quarter growth that tells us that we are going to the period of negotiation from our exit from EU from a position of strength with the economy doing very well.”

Many economists are still warning that the real challenge is yet to come including Labour’s Shadow Treasury Minister, Jonathan Reynolds: “Continued disappointing, sluggish growth shows the failures of the Tories’ economic approach after six years in power, especially for the manufacturing sector which shows little sign of benefiting from lower sterling.”

This welcoming news to the government came on the day Nissan announced that they will build its new Qashqai model in Britain despite the vote to quit the EU.

Prime Minister reacted to the news saying: “This vote of confidence shows Britain is open for business and that we remain an outward-looking, world-leading nation.”  

Just last year, Sunderland built almost one in three Britain’s cars. This decision over the new model was crucial as it provides for 7,000 jobs.

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