File photo of Boris Johnson making his Vote Leave speech in Preston, Lancs., along with Michael Gove and Priti Patel as they bring their Brexit roadshow to the Lancashire city. 1 June 2016. The bus used in the Vote Leave campaign has now been bought by Greenpeace.

Is Brexit to blame? Worst GDP results for five years for UK

The UK economy has been hit with some depressing economic statistics…and it can’t be blamed on the “beast from the east.”

In the first quarter of 2018 GDP growth was a tiny 0.1% reported the Office for National Statistics.

Household spending has been weak and business investment at reduced levels has meant that this is the worst performance for the economy for five years.

The construction industry declined by 2.7% and business investment fell by 0.2%.

These figures will heighten concern that consumers are tightening their belts businesses are being very cautious, as the Brexit date looms and there is general uncertainty how the UK will perform on its own, outside of the EU.

Rob Kent-Smith, the ONS’s head of GDP said: “Overall, the economy performed poorly in the first quarter…While there was some evidence of the poor weather hitting construction and high street shopping, this was offset to an extent by increased energy supply and online sales.”

As a number of major high street names have begun to close their stores, or indeed their entire business, there could be more economic trouble on the horizon.

 

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