The Office for National Statistics

EU Referendum Failed to Stun Economy With GDP Growth Up by 0.6%

EU Referendum Failed to Stun Economy With GDP Growth Up by 0.6%

The UK economy experienced growth of 0.6% in the second quarter of 2016 compared to 0.4% in the first quarter, suggesting the EU referendum had little impact on domestic business. The latest report from The Office for National Statistics indicated consumer spending as a big factor behind the positive economic performance with household spending rising 3% to levels not seen since the end of 2007. Despite predictions to the contrary, business investment also increased in April to June 2016 by 0.5% – reversing a decrease in the first three months of the year. However, in year-on-year terms, business investment remained at 0.8% meaning the UK recorded its first consecutive fall in business investment in annual terms over two quarters since late 2009 and early 2010. Howard Graham, CEO of ... »