The U.K. economy grew at its fastest pace in six months in July, an unexpectedly strong performance that will allay fears Britain is facing a possible pre-Brexit recession.
The economy recorded growth across the board, with the dominant services sector enjoying its best month this year. All else being equal, it will expand 0.4% in the third quarter even if output is unchanged in August and September, avoiding a second straight quarter of contraction.
In a report on Monday, KPMG warned that leaving the European Union without a deal could trigger a recession lasting four quarters, with output contracting by 1.5% next year. The Resolution Foundation said the next recession could be “unnecessarily painful” because monetary and fiscal policy are ill-equipped to combat it.