Britain’s economy performed far better than expected in after the Brexit vote, with GDP growth falling to 0.5% from 0.7% in the previous quarter. Hammond said the figures demonstrated the resilience of the UK economy, which was “well-placed” to deal with the challenges and opportunities created by the EU referendum. “We can’t yet say what impact Brexit will have on our economy, but these figures show there’s no room for complacency. British manufacturing is still struggling, and now faces real uncertainty following the vote to leave the EU. The relative resilience of the UK economy since the Brexit vote on 23 June has largely been attributed to a willingness among consumers to keep spending, as well as strength in the services sector.

Source: The Guardian October 27, 2016 08:50 UTC