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UK's growth since Brexit vote lower than previously thought

September 29, 2017 - 5:28 AM

LONDON - Official figures show that the British economy grew by less than previously thought in the year since the country voted to leave the European Union.

The Office for National Statistics said Friday that the British economy grew at an annual rate of 1.5 per cent in the second quarter. That's a four-year low and down from the statistic agency's previous projection of 1.7 per cent.

The annual rate takes in the full timescale since the country's Brexit vote in June 2016.

The quarterly rate was left unchanged at 0.3 per cent, which remains the lowest among the Group of Seven industrial economies.

Despite the subdued growth environment, the Bank of England is widely expected to raise its main interest rate from the record low 0.25 per cent in November, in response to above-target inflation.

News from © The Associated Press, 2017
The Associated Press

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