UK economy struggling with never-ending Brexit
Bianca Rahimi
Press TV, London
Five days after the result of the December general election UK markets saw their best day in three years. And in the third quarter of 2019 the UK economy grew at a faster pace than had been predicted. The Office for National Statistics says output was boosted by better growth in services and construction. But the economists say the so-called Boris-bounce is unlikely to be sustained.
Global demand weakened by a US-China trade war and Brexit is damaging UK trade. The Bank of England has warned the government of the economic risk of the country’s account deficit, which is the value of the goods and services imported versus the value of products shipped overseas. According to ONS that too has shrunk, but the underlying momentum in the UK economy continued to show signs of slowing.
Now that the government has passed it’s Withdrawal Agreement Bill, Prime Minister Boris Johnson has 11 months to negotiate a trade deal with Europe. And he’s keeping no-deal firmly on the table.
Brexit uncertainty will probably persist through 2020, weighing heavy on the economy and testing the UK’s new leadership to its limits.
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