You are here: Home - Household Bills - News -

UK economy stalls but revival expected in 2020

Written by:
UK economic growth stalled in the three months to October, with experts blaming Brexit-related uncertainty and slower global growth.

GDP was flat for the period, with growth in services offset by falls in manufacturing and construction, according to the Office for National Statistics (ONS).

The figures are the last readings to be released before the general election on Thursday.

John Hawksworth, chief economist at PwC, said: “GDP was flat in both October alone and the three months to October, confirming a loss of momentum in the economy since the summer due to Brexit-related uncertainty and slower global growth.

“The sectoral breakdown showed a familiar pattern, with services growth modestly positive in the three months to October but manufacturing output declining.  Construction output also registered a particularly sharp drop in October as both infrastructure projects and housebuilding fell back.

“Growth seems likely to remain subdued through the rest of 2019, but we would hope for a gradual revival in activity over the course of 2020 if current political and economic uncertainties ease. Our main scenario is for 1% GDP growth in 2020 assuming an orderly Brexit.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Ovo buy out of SSE gets green light

The competition regulator has approved Ovo Energy’s acquisition of SSE’s retail arm.