Fundamentals of UK economy strong, Javid says after second-quarter contraction

UK

Newly appointed Britain’s Chancellor of the Exchequer Sajid Javid is seen outside Downing Street in London, Britain July 25, 2019. REUTERS/Henry Nicholls

LONDON (Reuters) – British finance minister Sajid Javid said the fundamentals of the UK economy were strong after figures showed it had contracted in the second quarter, but he said it was a challenging period for the global economy as a whole.

Gross domestic product fell at a quarterly rate of 0.2% in the three months to June, an unexpectedly severe hangover from a pre-Brexit stockpiling boost in early 2019.

“This is a challenging period across the global economy, with growth slowing in many countries. But the fundamentals of the British economy are strong – 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 in a statement.

“The government is determined to provide certainty to people and businesses on Brexit – that’s why we are clear that the UK is leaving the EU on October 31.”

Reporting by Michael Holden; editing by Kate Holton

Products You May Like

Articles You May Like

Budge on Brexit, Johnson to tell Merkel in Berlin
Fiji PM accuses Australia’s Morrison of ‘insulting’ Pacific island nations
Airbnb records 30% growth rate in first-quarter on booking strength: source
Hong Kong braces for mass anti-government rally
Fearing tobacco’s fate, palm oil industry fights back

Leave a Reply

Your email address will not be published. Required fields are marked *