The UK economy will hold up strongly for the rest of this year, defying warnings of an immediate Brexit collapse, the Organisation for Economic Co-operation and Development has predicted.
Performing somewhat of a post-Brexit u-turn, the international body has increased its 2016 growth forecast modestly, raising its gross domestic product (GDP) predictions from 1.7pc in its June update to 1.8pc now.
At the same time the Office for National Statistics’ chief economist Joe Grice said the economy has not been hit.
“As the available information grows, the referendum result appears, so far, not to have had a major effect on the UK economy. So it hasn’t fallen at the first fence but longer-term effects remain to be seen,” he said.
Chancellor Philip Hammond, who has scrapped his predecessor George Osborne’s deficit reduction targets, hailed the forecasts as an indicator that the economy can continue to do well.
“The underlying strength in the UK economy will support growth this year, and we have seen that in the labour market where employment is at a record high,” he said.
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