The Uk Economy shrank 0.4 per cent in April with a ‘dramatic fall in car production’ to blame according to figures released this morning by the Office for National Statistics.
Figures showed that car production slumped 24 per cent as manufacturers shut down plants temporarily in anticipation of no-deal exit from EU that did not happen.
industrial production declined by 2.7 per cent in April compared to March while manufacturing slumped by 3.9 per cent its sharpest drop since June 2002.
“GDP growth showed some weakening across the latest 3 months, with the economy shrinking in the month of April mainly due to a dramatic fall in car production, with uncertainty ahead of the UK’s original EU departure date leading to planned shutdowns.
“There was also widespread weakness across manufacturing in April, as the boost from the early completion of orders ahead of the UK’s original EU departure date has faded.”