Britain’s economy noticed zero development in the ultimate quarter of final yr as manufacturing shrank heading into the nation’s basic election that unlocked Brexit, official knowledge confirmed Tuesday.
“There was no growth in the last quarter of 2019 as increases in the services and construction sectors were offset by another poor showing from manufacturing, particularly the motor industry,” mentioned Rob Kent-Smith on the Workplace for Nationwide Statistics (ONS).
UK manufacturing contracted 0.eight % in the October-December interval, the ONS mentioned.
Britain lastly departed the European Union on January 31 after Prime Minister Boris Johnson in December led the Conservative occasion to victory in nationwide polls.
“We’ve broken the deadlock and left the EU — now we need to seize this moment to level up and prepare our great nation for long-term success,” finance minister Sajid Javid mentioned in a press release Tuesday following launch of the expansion knowledge.
“In my budget, exactly one month from today, I’ll set out how we will move forward, with more ambition and new thinking, and empower our people and businesses so everyone has the opportunity to thrive,” Chancellor of the Exchequer Javid mentioned.
On the eve of Brexit nonetheless, the Financial institution of England slashed its UK financial development forecasts for this yr and subsequent, as the nation faces powerful negotiations with the EU on hanging a brand new commerce deal.
The British economy would increase by solely 0.eight % this yr, the BoE mentioned final month, down sharply on its earlier 1.2-percent forecast.
In 2021, gross home product was anticipated to develop 1.four %, down on the central financial institution’s estimate of 1.7 % given in November.
The ONS on Tuesday added that the UK economy grew by 1.four % final yr, up from 1.three % in 2018.
It expanded 0.5 % in the third quarter of 2019.