Today’s GDP figures reflect Brexit uncertainty and global slowdown

Matthew Whittaker, Deputy Chief Executive at the Resolution Foundation, said:

“Today’s negative growth figures reflect a combination of Brexit uncertainty and global economic slowdown, with both challenges set to persist over the near term. That doesn’t mean we’re necessarily heading for recession, but the risk is certainly heightened right now.

“Given our work has shown that lower-income households are particularly vulnerable to any new economic downturn – with lower savings today than they had on the eve of the financial crisis – it’s imperative that the government plans its response now, rather than waiting for any further deterioration in economic conditions.

“Longer term, restoring productivity growth must remain the priority.”