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Following the heavy downward revision to the Bank of England’s own growth forecasts at its first meeting of the year last week, the latest GDP figures have done little to persuade the market that the BOE was wrong.
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Brexit Uncertainty Hits Economy
The latest data from the Office for National Statistics showed that UK GDP grew by just 1.3% year on year in the final quarter of 2018. This was below estimates of a 1.4% rise and down sharply from the prior 1.6% reading.
The quarter on quarter reading rose just 0.2%, in line with estimates. But again, this was sharply down from the prior 0.6% reading.
This final growth reading for 2018 confirms the negative impact of growing Brexit uncertainty which intensified into the end of the year, on businesses and investors alike.
The reading comes after recent PMI datasets showed acute weakness in the UK services sector, which compr...
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