The British economy shrank unexpectedly for the first time since 2012 in the sec...
LONDON - The British economy shrank unexpectedly for the first time since 2012 in the second quarter, dragged down by a slump in manufacturing just as Prime Minister Boris Johnson prepares to leave the European Union with or without a divorce deal.
Sterling fell to $1.2080, matching the 31-month low it reached on Aug. 1. Against the euro, the pound sank to a new two-year low of 90.70 pence, trading last 0.6% weaker at 92.66 pence. Many car factories ramped up manufacturing at the start of the year and brought forward production breaks to prepare for Britain’s original Brexit date of March 29, but the divorce was delayed by then Prime Minister Theresa May.
“Wages are growing, employment is at a record high and we’re forecast to grow faster than Germany, Italy and Japan this year,” Javid said. June manufacturing data was unexpectedly poor and output for the quarter contracted at the fastest rate since early 2009, when Britain was mired in recession.
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