The British economy shrank unexpectedly for the first time since 2012 in the sec...
LONDON - The British economy shrank unexpectedly for the first time since 2012 in the second quarter, dragged down by a slump in manufacturing just as Prime Minister Boris Johnson prepares to leave the European Union with or without a divorce deal.
Sterling fell to $1.2080, matching the 31-month low it reached on Aug. 1. Against the euro, the pound sank to a new two-year low of 90.70 pence, trading last 0.6% weaker at 92.66 pence. Many car factories ramped up manufacturing at the start of the year and brought forward production breaks to prepare for Britain’s original Brexit date of March 29, but the divorce was delayed by then Prime Minister Theresa May.
Finance minister Sajid Javid said the global context was challenging but the fundamentals of the British economy were strong. “If it comes to no deal, it’s not anything that I’m frightened of, I’m not worried about, I think we will be ready for it, we will get through it, and we will come out stronger and even more resilient,” Javid told Sky.
Britain’s economy has slowed since June 2016’s vote to leave the EU, with annual growth rates dropping from more than 2% before the referendum to expand by 1.4% last year.
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