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KPMG comments on today’s GDP figures

KPMG comments on today’s GDP figures

“Cold winds set the stage for new government as the UK economy has not grown since July” says Yael Selfin, Chief Economist at KPMG UK.

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“Cold winds set the stage for new government as the UK economy has not grown since July” says Yael Selfin, Chief Economist at KPMG UK.

“Bringing the economy back to growth will be a priority for whoever wins the election at the end of this week. Businesses need more certainty and stability to invest. Completing an exit deal may not provide that, as many questions remain around the trade deal the UK will secure with the EU, including the timing and the likelihood of an extension to the transition period until a deal is reached. This is likely to keep uncertainty high next year and continue to weigh on investment decisions.

“An increase in public spending and a move by government to focus on the range of internal challenges facing the economy will help revive and stir it towards a more balanced state, but spending will need to be done with great care given that resources remain limited.

“Latest data point at a more modest false exit boost in October compared to March, as some preparations were made again for a potential cliff-edge exit from the EU at the end of October. Modest growth in services and manufacturing was offset by a sharp drop in construction output in October as continuing uncertainty appears to have frozen the sector.”

-ENDS-

For media enquiries, please contact:

Gill Carson, Corporate Communications

Tel: +44 (0) 20 3078 4189
Email: gill.carson@kpmg.co.uk

KPMG Press Office
Tel: +44 (0) 207 694 8773
Follow us on twitter: @kpmguk

Notes to Editors:

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.

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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