News

Good news for UK economy post Brexit


Published Jul 27, 2016

M.R._085_(1).jpgThe UK economy grew by 0.6% in the three months to the end of June, as economic growth accelerated in the run-up to the vote to leave the EU. Second-quarter gross domestic product grew faster than expected, up from 0.4% growth in the previous quarter, the Office for National Statistics said. Any uncertainty ahead of last month's referendum seemed "limited", ONS said.

However, by far the strongest growth was in April, followed by a sharp easing off in May and June. On a yearly basis the economy grew by a healthy 2.2%. The pick-up in economic activity was boosted by the biggest upturn in industrial output since 1999, particularly from car factories and pharmaceutical firms.

Responding to the news, UKIP Economics Spokesman Mark Reckless AM said, "Yes, firms are investing in Britain. Yes, growth has strengthened, Yes, the stock market is up again. But, why are all these reported as if they are shock surprises? Because, most people reporting the news voted 'Remain'."

UKIP Business Spokesman Christopher Mills added, "There is no surprise in these numbers. Salaries for working people are rising, not least as a result of the increase in the minimum wage. House prices outside the London bubble are modestly increasing thereby ensuring consumer confidence across the
country.
 
"Project Fear is proving to be both wrong from an economic stand point and morally indefensible as its sought to undermine the confidence of the British people in our economy based on spurious assumptions."

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