Stats released by the Office for National Statistics this week show the UK economy has grown by 0.6 per cent in the three months to the end of June, as economic growth accelerated in the run up to the EU referendum.
Industrial output has grown significantly, with the manufacturing sector growing by 2.1 per cent in the quarter. The largest sector in the UK is the services sector, and that too grew by 0.5 per cent. Construction however fell 0.4 per cent and agriculture was down 1 per cent.
Whilst it is still too early to say how the UK economy will respond to the vote to leave the EU, this is positive news for the UK economy which showed better than expected figures.
There is still much speculation as to the potential affect the Brexit result will have on business and our Beavis Morgan Brexit Planning Team continues to monitor the situation closely, providing updates on the issues and changes relevant to you and your business.
If you have any concerns or queries relating to your business or your personal financial position, please contact your usual Beavis Morgan Partner or a member of your Brexit Planning Team:
Paul Ashton
Steve Govey
Alan Ford
Mike Solomons
Andy Pear