UK Economy Shrinks For First Time In Almost 7 Years

The British economy shrank in the second quarter for the first time in almost seven years as stockpiling activity slowed and Brexit uncertainty intensified against a backdrop of weaker global growth, the Financial Times reported. Output fell 0.2 per cent in the three months to June, worse than the flat performance expected by economists and down from a 0.5 per cent expansion in the first quarter, according to data from the Office for National Statistics released on Friday. Britain’s economy has not contracted since the final three months of 2012. Sajid Javid, chancellor of the exchequer, pointed the finger at broader economic weakness across the globe, saying there had been a “challenging period across the global economy, with growth slowing in many countries”. Read more