A slowing economy at home and abroad will set the backdrop to the next parliament

Commenting on the latest ONS GDP figures published today (Monday), which showed that the economy grew by 0.3 per cent in the third quarter of 2019 and saw the slowest annual growth rate since 2010, James Smith, Research Director at the Resolution Foundation, said:

“Today’s figures show that the economy has avoided recession, but slowed considerably this year, and shrank in August and September as the crucial service sector has stagnated. This slowdown follows not only Brexit uncertainty at home, but a weaker economic outlook globally.

“This profound economic shift will set the backdrop to the next parliament. So far discussions of how much more to spend have dominated economic debates in the election campaign. But how the parties propose to navigate the challenges of Brexit amid this weaker global economy should also take centre stage.”