It intensifies pressure on the Bank of England to deliver fresh monetary stimulus and on the government to reverse fiscal austerity. The slump is the strongest evidence yet that politics is propelling the world’s fifth largest economy into recession. In the weeks following Brexit, there was a “dramatic deterioration,” Markit Economics said in a one-time report published Friday. Smith has called for Britons to get the chance to vote again once the shape of the Brexit deal is clear. The pound dropped after the report was published, with Markit saying its latest readings put the economy on course to contract by 0.4 percent this quarter.

Source: Thanhnien News July 22, 2016 17:03 UTC