UK economy set for slowest growth since 2009 as Brexit nears
The British Chambers of Commerce doesn’t have much good news for the future of UK’s economy
London — British economic growth this year and in 2019 looks set to be the weakest since the country’s last recession, due to a freeze in business investment and weak consumer demand ahead of Brexit, the British Chambers of Commerce (BCC) forecast on Tuesday. The business lobby said growth in 2018 was likely to slow to 1.2% before edging up to 1.3% in 2019, which would be the two weakest years since Britain emerged from recession in 2009 after the global financial crisis. “While Brexit isn’t the only factor affecting businesses and trade, it is hugely important — and the lack of certainty over the UK’s future relationship with the EU has led to many firms hitting the pause button on their growth plans,” BCC director Adam Marshall said. Britain’s economy has slowed since the Brexit referendum in 2016 and there is no guarantee that businesses and consumers will retain tariff-free access to European goods when Britain leaves the EU, which is scheduled for March 29. The BCC said sterlin...
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