Thu. Sep 24th, 2020

UK economy stagnates as Brexit uncertainty hits growth – business live

UK economy failed to grow over the August-October period, reports the Office for National Statistics in its latest growth report

Earlier:

10.41am GMT

Britain’s trade in goods deficit has widened too — as imports continue to grow faster than exports.

The goods deficit with the EU has widened by £3.5bn to £25.0bn in the last three months, while with non-EU countries it widened £3.3bn to £10.6bn.

Imports from non-EU countries rose by £5.3 billion to £61.0 billion in the three months to October 2019. This was largely driven by a £3.9 billion increase in unspecified goods (which includes non-monetary gold), and a £1.1 billion increase in machinery and transport equipment.

Imports from EU countries rose by £4.7 billion to £68.2 billion in the three months to October 2019. This was largely driven by machinery and transport equipment, and chemicals, which increased by £2.2 billion and £1.3 billion respectively.

10.31am GMT

Jack Leslie, Economic Analyst at the Resolution Foundation, says the next government must do more to boost growth:

“Crucially the UK’s domestic challenges come against a weak global economic outlook for next year.

While the main parties have avoided any discussion of this challenging economic environment during the election campaign, navigating it will be a central task for the next government nonetheless.”

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