In addition, what gave the UK economy a boost in the first quarter – that is, storage ahead of the country’s planned exit from the European Union on March 29 – no longer pulled production in the fourth quarter, as the Brexit date has been pushed back to October 31.
So economists expect the UK to avoid a technical recession, a drop in GDP for two consecutive quarters, as they believe companies will start stockpiling again this quarter ahead of the new exit date.
However, no one knows what will happen after Brexit, but the fact that the pound lost 4.5%. The value against the dollar for the past month only indicates that it will not be rosy.
Well, unless Boris Johnson negotiates a great new deal with the union, it doesn’t look like that at the moment.
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