Brexit fears main reason for UK economic slowdown: Poll
The recent slowdown in UK economic growth is mainly due to uncertainty over the upcoming referendum on whether Britain should remain within the European Union (EU), according to a new survey.
A British exit from the EU, or Brexit, would almost certainly cause the UK economy to suffer, according to an overwhelming majority of analysts in a Reuters poll.
The UK will hold a referendum on June 23 on whether the country should remain a member of the union.
British gross domestic product expanded 0.4 percent in the first three months of this year, down from 0.6 percent at the end of last year.
According to the latest Reuters poll, GDP will grow just 0.3 percent this quarter.
Seventeen out of the 21 economists in the poll said the slowdown was "quite a bit" or "nearly all" due to uncertainty ahead of the referendum. Four said "not much" and none said "not at all."
"Uncertainty, uncertainty, uncertainty - that's the key word," said Mikel Milhoj, economist at Danske Bank.
Two opinion polls earlier this week said the campaign for Britain to stay in the EU held a narrow lead.
According to the Bank of England, around 65 billion pounds has been taken out of the UK or converted into other currencies in recent months as Brexit fears mount.
Membership of the European Union has been a controversial issue in the UK since the country joined the then European Economic Community in 1973.
Those in favor of a withdrawal from the EU argue that outside the bloc, London would be better positioned to conduct its own trade negotiations, better able to control immigration, and get rid of excessive EU regulations and bureaucracy.
Those in favor of remaining in the bloc argue that leaving it would risk the UK's prosperity, diminish its influence over world affairs, and result in trade barriers between the UK and the EU.
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