When Britain voted to leave the EU in June 2016, most economists expected the country’s economy to decelerate sharply. The slowdown has finally arrived.
The sudden drop in economic activity at the end of 2018 raises the stakes for the British political class, which has been dithering over the future relationship with the EU as the U.K. enjoyed a relatively benign economic outlook. It also raises questions for the Bank of England, which has been pretty sanguine about the country’s future, before making a screeching U-turn last week.
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