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Brexit has had “no major effect” on UK economy

The UK economy has suffered no major impact from the Brexit vote in June, according to the Office for National Statistics (ONS).

In a report released on Wednesday, the ONS reported that there has been very little impact on the economy since the vote for Brexit in June, a statement which contrasts to reports from the Bank of England.

Commenting, ONS Chief Economist Joe Grice said: “As the available information grows, the referendum result appears, so far, not to have had a major effect on the UK economy. So it hasn’t fallen at the first fence but longer-term effects remain to be seen. The index of services published soon and the preliminary estimate of third quarter GDP, published at the end of October will add significantly to the evidence.”

The report stated that while retail sales fell by 0.2% in August after growing 1.9% in July, there was no sign that consumer confidence had collapsed.

The Organisation for Economic Co-Operation and Development (OECD) has also revised its negative forcast for the economy post-Brexit, upgrading the UK outlook to a 1.8% growth for this year, up 0.1% from its forecast before the referendum, according to City AM. As part of the study the OECD said, “developments to date are broadly consistent with the more moderate scenarios set out prior to the referendum.”

Readers' comments (1)

  • Thats because we haven't left yet..doh...

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