The UK economy has fallen to the lowest point since 2009

The British economy had its worst quarter since 2009, the Office for National Statistics (ONS) reported on Tuesday.

The economy flatlined month-on-month in October, after two months of decline.

Services expanded by 0.2% from August-to-October, offsetting a 0.7% contraction in manufacturing and 0.3% in construction.

Reflecting a drop in manufacturing exports, Britain’s goods trade deficit widened to £14.5bn in October, up from £11.5bn in September.

The pound shrugged off the low growth, gaining both against the dollar and the Euro. The pound broke over €1.19 on Monday, for the first time since May 2017. The rally seems to respond to polling, which suggests the Conservatives have a strong lead, betting on an orderly exit which removes the risk of a cliff-edge exit.

Related posts

Leave a Comment