Standard & Poor's warns of UK economic slowdownStaff Writer | July 11, 2017
Ratings agency Standard & Poor's thinks the UK economy is heading for a soft patch, The Financial Times reported.
Britain Squeezed real wages
That represents a pullback from the 1.8% growth in 2016 and is "subject to considerable downside risks, stemming mainly from Brexit uncertainties," S&P said, according to the FT.
The agency does not expect a rise in UK interest rates until mid-2019, the newspaper said.
Data from the Office for National Statistics showed last month that UK gross domestic product climbed 0.2% sequentially in the first quarter, easing notably from a 0.7% rise in the fourth quarter. Year-on-year, GDP grew 2%, in line with the previous estimate.
Earlier this month, the National Institute of Economic and Social Research said the UK economy expanded 0.3% in the second quarter. ■