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According to recent reports, falls in factory outputs and car production, and uncertainty surrounding Brexit, have taken its toll on the UK economy, which is now seeing the slowest economic growth in 6 years.
During 2018, growth hit just 1.4% - down from 1.8% in 2017 and the slowest rate since 2012, said the Office for National Statistics. The figures are in line with forecasts of slower growth against a backdrop of Brexit uncertainty and a weaker global economy.
The ONS has also said that quarterly growth during 2018 was slow, falling to just 0.2% in the 3 months to December. The value of the pound fell by a third of a cent following this news.
Despite the gloomy forecast, the Chancellor, Philip Hammond contests any recession rumours, and says the economy remains “fundamentally strong.” The ONS’ response is that until car manufacturing regains, the construction sector begins to rebuild and steel manufacturing kick starts once again, the declines may well continue.
There were some areas of growth in the service industries, including the health sector, IT and management consultants. However, it is not enough and until the larger industries pickup, growth forecasts will remain low.
If you would like some advice relating to your business, or you would like to speak to someone about how Brexit could impact you, speak to one of our experts at Downs Solicitors to see how we can help.