Households helped to limit the damage to Britain's economy as it shrank in ...
LONDON - Households helped to limit the damage to Britain’s economy as it shrank in the second quarter ahead of Brexit, according to new data that also showed their financial health was less fragile than previously thought.
While British industry and investment wilted in the escalating Brexit crisis, household spending increased at a quarterly rate of 0.4%, marking the fastest growth in a year. “A healthier picture of households’ balance sheets gives us some confidence that household spending will continue to underpin growth,” Andrew Wishart, economist at consultancy Capital Economics said.
At 4.6% of gross domestic product, the deficit was larger than any economist had expected in a Reuters poll which had pointed to a deficit of 19.5 billion pounds. A drop-off in foreign investors’ demand for British assets could trigger a further fall in sterling and make it harder for businesses and consumers to raise finance or borrow.
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