British economy shrinks in the second quarter for the first time since 2012 as Brexit uncertainties weigh on business investment and firms
The British economy unexpectedly shrank in the second quarter for the first time since 2012 as Brexit uncertainties heaped pressure on firms, official figures showed on Friday.
In seeking to explain the fall in the April-June period, the Office for National Statistics noted there was "increased volatility around the UK's original planned exit date from the European Union in late March." The run-up to the original Brexit date also prompted many car companies to bring forward their annual maintenance shutdowns to April as they concluded that the early weeks of a no-deal Brexit would be the most disruptive.
May's successor, Boris Johnson, has insisted that Britain will leave the EU on Halloween come what may. Johnson is demanding the bloc renegotiate the deal it struck with May's government, something that EU leaders are refusing to do. John McDonnell, economy spokesman for the opposition Labour Party, blamed the government's "Brexit bungling" for "tumbling business investment and stagnating productivity."
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