Economics
Consumers' Brexit Squeeze Puts Economy on Lower Growth Track
- GDP rose 0.3% in first quarter, missing 0.4% median estimate
- Growth forecast to remain around this level in coming quarters
Duncan Smith Says Economy Outperformed Since Brexit Vote
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The U.K. economy posted its worst performance in a year as the dominant services industry felt the impact of an intensifying Brexit-related squeeze on living standards.
In addition to faster inflation, households are also now facing a period of uncertainty as Britain prepares for a general election and the start of two years of negotiations to leave the European Union. The slump in growth to 0.3 percent in the first quarter could be the start of a slower phase for the economy, with Bloomberg’s monthly survey projecting that expansion won’t pick up for the rest of this year.