The British lowered their economic outlook, the slowest pace in 10 years



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The British lowered their economic outlook, the slowest pace in 10 years



PRESSURES bearing Brexit and political uncertainty have propelled the Confederation of British Industry (CBI) and the Make and Trade Association of Make UK to lower its forecasts for next year's UK economy.

According to official figures, the UK economy is growing at its slowest pace since 2010, with industrial companies seeing little or no improvement for 2020.



The CBI estimates that the economy will grow by 1.2 percent next year, after 1.3 percent this year, while in 2021 it could slow further, to 1.8 percent. These estimates were made on the assumption that British Prime Minister Boris Johnson would reach a trade agreement with the EU in the case of an agreed Brexit that would not involve the introduction of customs duties and derogation from European rules.

Weak global demand

Back in July, the CBI forecast growth of 1.4 percent this year and 1.5 percent next year.

“In addition to perennial Brexit uncertainty, businesses are also facing weaker global demand,” warns CBI chief economist Rain Newton-Smith.

Make UK, however, halved its forecast for next year's manufacturing industry growth from an initial 0.6 to 0.3 percent, keeping the overall economy forecast for 2020 unchanged at 1.4 percent from 1.3 percent growth this year.

“Export orders rose slightly this quarter, indicating greater confidence among foreign buyers in buying British goods, as concerns remain over Brexit without a year-end agreement,” said Make UK CEO Stephen Phipson.

The British lowered their economic outlook, the slowest pace in 10 years

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