National Business
UK economy bounces back in May in wake of Brexit extension
The Associated Press
July 10, 2019 03:24 AM
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Anti-Brexit protester Steve Bray stand outside Westminster Abbey in London, Thursday, July 4, 2019, as protesters continue to demonstrate various views over Britain’s Brexit departure from the European Union. Britain’s Institute of Directors said Friday that company directors are holding back on investing in staff and technology amid uncertainty about political changes ahead of the country’s departure from the European Union.
Natasha Livingstone
AP Photo
LONDON
Official figures show the British economy bounced back in May but fears remain that the country could slip into recession ahead of the revised Brexit deadline.
The Office for National Statistics said Wednesday that the economy grew a monthly 0.3% in May largely because car makers ramped up production again after many went idle in April in case the original Brexit deadline ended up with Britain crashing out of the EU without a deal.
In April, the British economy contracted 0.4%.
In the event, the March 29 Brexit date was extended to Oct. 31.
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The delay has done little to lift the cloud of uncertainty surrounding the British economy, with no one sure about what will happen. As such, firms remain wary of investing.