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UK economy reliant on stretched households

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Britain’s economy relied on its financially stretched households to power growth in the three months to September as businesses, worried about Brexit, cut investment for the longest period since the global financial crisis, official data indicated.

The figures also showed the country’s balance of payments shortfall was its widest in two years.

The Office for National Statistics (ONS) confirmed a preliminary estimate that Britain’s economy – the world’s fifth-biggest – grew by 0.6 percent in the third quarter from the previous three months.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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