Brexit triggers recession within 2016

ANDY RAIN

A general view over Millenium Bridge (bottom L), Saint Paul's Cathedral (top L) on a part of the financial district City of London in London, Britain, 15 August 2014. The British economy expanded 0.8 per cent quarter-on-quarter in the second quarter, data released 15 August showed, a day after the eurozone reported zero growth in the same period. Year-on-year growth was revised upward from 3.1 to 3.2 per cent. The second reading of gross domestic product (GDP) means Britain recovered all of the ground it lost in the 2008-09 financial crisis, with output 0.2 per cent above its pre-crisis peak in early 2008.

British Managers more pessimistic than the European Commission on growth projections


Markit's Purchasing Managers' Index (PMI) in July is at its worst level since April 2009.

The European Commission’s forecast published on Tuesday suggests the British economy will slide into recession next year; British managers are more pessimistic. They think the British economy will be in technical recession within 2016.

The European Commission projected on Tuesday that the British GDP will surge by 1,3-to-1,6% in 2016; it projects 1.3% for 2017, down from a pre-Brexit 1.9% estimate. Br...


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