Meanwhile, UK exports failed to match imports, with the trade deficit rising by £0.9bn to £5.1bn. One of Britain’s leading economic thinktanks has said the UK economy shrank last month as the impact of the Brexit vote led to a pronounced weakening in activity. Niesr published the findings after official government figures showed that the UK trade deficit widened and factory production eased back in the weeks immediately before and after the EU referendum on 23 June. James Warren, a research fellow at Niesr, said: “We estimate that in the three months to July, the UK economy grew by 0.3%, a marked economic slowdown. The poor trade and manufacturing figures led to a fall in the pound on the foreign exchanges.

Source: The Guardian August 09, 2016 09:19 UTC