The UK economy has been battered by a series of economic shocks since the Brexit vote and now the government has a chance to take some comfort from the fact that it can focus on its main economic priority of a post-Brexit deal.
The Office for Budget Responsibility (OBR) released its first economic update for 2018, which included a more-detailed picture of the UK economy.
The OBR said the economy was growing at just 2.4 per cent.
“With the recent shock to the economy, it is hard to believe that GDP growth would have slowed further if it had not been for the shock to Brexit,” the OBR’s chief economist Andrew Haldane said in a statement.
In its first report on Brexit since 2019, the OBS said Brexit had reduced the UK to a “non-performing asset” for the first time in six years, and “could undermine the recovery of the economy”.
The OBR, however, has warned that it will continue to take the UK economic outlook very seriously as it reviews its policy options and responds to the potential effects of Brexit.