Britain's economy shrank for the first time since 2012 in the second quarte...
LONDON - Britain’s economy shrank for the first time since 2012 in the second quarter, a severe hangover from a pre-Brexit stockpiling boost in early 2019 and one that bodes poorly as Prime Minister Boris Johnson gears up to leave the EU in October.
With Johnson’s government committed to leaving the European Union on Oct. 31, regardless of whether he can secure a transition deal to avoid trade disruption, the outlook for the remainder of 2019 is uncertain. “There is ... little doubt that the economy is stalling, regardless of the volatility in the data,” PwC senior economist Mike Jakeman said.
But June manufacturing data was also unexpectedly poor and output for the quarter contracted at the fastest rate since early 2009, when Britain was mired in recession.
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