FxWirePro: UK economic growth likely to hover around 1.3 pct in 2018

The United Kingdom’s economic growth is expected to hover around 1.3 percent during the course of 2018, owing to the downward pressure created by the ongoing uncertainties over the UK-EU Brexit negotiations that have weighed on the consumer as well as business spending.

While, the UK economy has slowed and is likely to continue on this trajectory until next year, the global counterparts have performed otherwise, which has led to a better export performance, albeit at a slower-than-expected pace.

The Brexit developments have created a significant amount of uncertainty for businesses regarding the future nature of regulation, trade and migration policy between the UK and the EU. Out of the major regions in the UK, London and South East will continue to outperform other areas in terms of regional growth, while the North West and South West are likely to step slightly backward.

Meanwhile, according to a recent report from the EY, the British government has recognized the challenges throttling the UK economy has has come up with an Industrial Strategy for the country, in which it seeks to provide a framework for long-term business decision-making and so offset some of the uncertainties related to the nature of the UK economy after Brexit.

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