Months before Brexit, UK economy contracts for first time since 2012

Topics UK economy | Brexit


The British economy shrank unexpectedly for the first time since 2012 in the second quarter, dragged down by a slump in manufacturing just as Prime Minister Boris Johnson prepares to leave the European Union with or without a divorce deal. In the most startling economic warning sign since the 2016 Brexit referendum, gross domestic product fell at a quarterly rate of 0.

2% in the three months to June, below all forecasts in a Reuters poll that had pointed to a flat reading. Sterling fell to $1.2080, matching the 31-month low it reached.....

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