Home Business NewsBusiness UK economy is set to slowdown

UK economy is set to slowdown

by LLB Reporter
13th Feb 17 3:23 pm

Take a look at the numbers…

The European Commission has said the UK economy is expected to slowdown drastically over the next couple of years.

Its latest forecast suggests the UK economy will grow by 1.5 per cent this year and by 2018 it will grow by a mere 1.2 per cent, this is compared to two per cent last year.

The Commission has said the slowdown has been prompted over the uncertainty that follows the Brexit vote.

To contrast with this, 19 countries within the Eurozone is expected to grow faster than the UK, by 1.6 per cent this year and 1.8 per cent the next.

Despite the latest forecasts, the figures represent an improvement on the predictions made last November which suggested the UK would grow by just one per cent this year.

The Commission said: “Business investment is likely to be adversely affected by persisting uncertainty while private consumption growth is projected to weaken as growth in real disposable income declines.”

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