The government’s opponents were not slow, as usual, to blame today’s disappointing data on economic growth on Brexit (the IOD) or ‘austerity’ (John McDonnell) – while the Chancellor, Philip Hammond, chose to fall back on that old chestnut used by corporate spokesmen when announcing dismal results: the weather.
None of these will really do as an explanation as to why GDP growth, according to the ONS, plunged from a healthy 0.4 per cent in the final quarter of last year to a miserable 0.1 per cent in the first quarter of 2018. As for Brexit, GDP figures have been shrugging it off for nearly two years – the economy even accelerated for the first two quarters. Moreover, today’s figures cover the period in the immediate aftermath of December’s deal between the government and the EU’s Brexit negotiators.
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