This doesn't bode well
The country is now one step closer to a recession after the economy shrank by 0.2 per cent in the second quarter of 2019.
The hardline Brexiteer has alarmed investors over his ‘do or die’ approach to taking the UK out of the European Union before October 31, with or without a deal.The pound has lost around three per cent of its value since Boris Johnson became Prime Minister AdvertisementBusiness investment, which has been historically weak since the country voted leave in June 2016, weakened further in the second quarter, shrinking by 0.5 per cent.
Year-on-year UK economic growth dropped from 1.8 per cent to 1.2 per cent, falling short of analysts expectations the economy would flat-line. ‘Meanwhile, contingency planning activities for a no-deal Brexit are costly and often resource-intensive, reducing scope to lift capital spending.’It has been a turbulent few months for the pound, which was the worst performing of the world’s top 10 major currencies at the end of May, June and July.The Prime Minister is reportedly planning to hold a parliamentary election in the days after Brexit if lawmakers sink the government with a no-confidence vote.
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