The British consumer is holding up the country’s economic performance but key sectors are showing signs of strain as Boris Johnson threatens to take the UK out of the EU without a deal, according to a Guardian analysis. In a sign of the mounting stress facing the economy, the pound has slumped to the lowest level against the US dollar for 28 months amid rising fears that Johnson may pursue a no-deal Brexit. The slide in sterling comes as economic growth dips to stalling point. The National Institute of Economic and Social Research (Niesr), a leading thinktank, said this month there is a one-in-four chance the UK has already tipped into recession even before the threat of a disorderly departure on 31 October. Global economic growth is also slowing against the backdrop of the US-China trade war, with the impact spilling back on Britain. However, economic growth has been supported by consumers continuing to spend, despite a slowdown in activity among businesses as they put spending decisions on hold. Writing in the Guardian, David Blanchflower, a former member of the Bank of England’s monetary policy committee (MPC), said Johnson’s no-deal Brexit stance represented the biggest threat to a fragile economy…. Read full this story
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