UK economy bounces back in May in wake of Brexit extension

Category : UK News
Updated On : July 11, 2019 01:47 AM
By Indian Times Daily

Official figures show the British economy bounced back in May but fears remain that the country could slip into recession ahead of the revised Brexit deadline. The Office for National Statistics said that the economy grew a monthly 0.3% in May largely because car makers ramped up production again after many went idle in April in case the original Brexit deadline ended up with Britain crashing out of the EU without a deal. In April, the British economy contracted 0.4%.

In the event, the March 29 Brexit date was extended to Oct 31. The delay has done little to lift the cloud of uncertainty surrounding the British economy, with no one sure about what will happen. As such, firms remain wary of investing.

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