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Economic hangover proves stronger than anticipated, says KPMG

Economic hangover proves stronger than anticipated

Hangover post original exit date proves stronger than anticipated says Yael Selfin, Chief Economist at KPMG UK.

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”The hangover that’s followed the UK’s original exit date is proving stronger than anticipated. Today’s figures signal the UK economy is likely to experience more subdued growth for the rest of the year, marred by Brexit uncertainty.

“The significant drop in car manufacturing, and in broader manufacturing activity at the start of Q2, point at more than just a reversal of the stock building effect seen as businesses prepared for an expected Brexit in March.   

“While services saw a slight improvement in April, continued weakness of financial services and the hospitality sector do not bode well for the overall prospects for the economy this year”, says Yael Selfin.

 

-ENDS-

 

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KPMG Press Office

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About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff.  The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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