Britain's economy grew more than expected in May, helped by rebounding car ...
LONDON - Britain’s economy grew more than expected in May, helped by rebounding car output after Brexit-related shutdowns, but the outlook remains fragile as a new prime minister prepares to take Britain out of the European Union.
That deadline has now been pushed back to October, and both contenders to become prime minister have said they are prepared to take Britain out of the EU without a transition agreement if necessary, an alarming prospect for many employers. Financial markets were little moved by the data. Samuel Tombs, an economist with Pantheon Macroeconomics, said the slowdown was not enough to warrant an interest rate cut by the Bank of England, something investors have increasingly put their money on in recent weeks.
The outlook for the second half of 2019 is clouded not only by the growing threat of a no-deal Brexit, but also the trade tensions between the United States, China and the European Union. As a financial hub, Britain is highly exposed to the ebb and flow of the global economy.
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