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BCC: UK set for slowest growth since 2009 - Reuters

As Brexit draws near, the UK economy is set to see its slowest pace of growth since 2009 as political turmoil continues to upheave the domestic British economy, as reported by Reuters and according to the British Chamber of Commerce.

Key quotes

The business lobby said growth in 2018 was likely to slow to 1.2 percent before inching up to 1.3 percent in 2019, which would be the two weakest years since Britain emerged from recession in 2009 after the global financial crisis.

“While Brexit isn’t the only factor affecting businesses and trade, it is hugely important — and the lack of certainty over the UK’s future relationship with the EU has led to many firms hitting the pause button on their growth plans,” BCC director Adam Marshall said.

Separately, the Royal Institution of Chartered Surveyors predicted that house prices would be flat next year, the first year with no growth since 2012, due to Brexit uncertainty and the inability of many buyers to afford higher prices.

“On the back of this, house price growth at a UK level seems set to lose further momentum, although the lack of supply and a still solid labor market backdrop will likely prevent negative trends,” RICS’s head of policy, Hew Edgar, said.

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