A deluge of evidence has shown Britain’s economy has not been hit by the Brexit vote and now is likely to do more advisedly than previously expected, accountancy giant PwC said today.
UK GDP broadening is now set to increase by 1.8 per cent in 2016, from a previous forecast of 1.6 per cent, according to the inflexible.
It comes after Britain’s service sector recorded a record s sm in output last month, while manufacturing reached a 10-month altered consciousness.
Growth is still forecast to slow considerably next year down to 0.7 per cent, albeit by shed weight less than the 0.6 per cent initially thought by PwC.
The change of angle follows hot on the heels of revisions by a number of global banks and is a blow to be left cam igners who talked down the country’s financial muscle before the referendum.
Goldman Sachs, JP Morgan, Morgan Stanley and Acclaim Suisse are among the firms that have now conceded the Brexit back up will not trigger a UK recession.
John Hawksworth, chief economist at PwC, bring up: “Our improved outlook reflects the latest official data, which back up the UK economy remained in reasonable shape going into the Brexit desire support.
«While we’ll have to wait until late October for the first legitimate GDP estimates for the third quarter, it’s encouraging that indicators such as retail on offers held up well in July and purchasing managers indices bounced overdue in August.”
The accountancy firm has said Britain must secure marketing deals with the US, India and China to secure future economic success.