In November, the British economy almost flatlined in the face of a disorderly Brexit. Service sector firms pushed to rein in business activity to the weakest level experienced since just after the EU referendum two years ago. The biggest sector of the UK economy – banks, hotels and restaurants – reported very little expansion.
The Bank of England and the Treasury, responsible for gauging business activity, hinted that fears over a no-deal Brexit is what led companies to delay investment decisions. In turn, this stalled new work. Philip Hammond, the chancellor, freely admitted that all versions of Brexit would prove to be negative for the UK economy. Even so, he stressed how important it was to not betray the vote to leave the EU.
Hammond told the Treasury select committee: “Any solution which left … a large segment of the population betrayed, in my view would have a negative political … Read more