Chancellor Sajid Javid insists he is 'not expecting a recession' despite fears for the economy

Mail Online | 8/9/2019 | Sophie Tanno For Mailonline;Jack Doyle for the Daily Mail
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Chancellor of the Exchequer Sajid Javid said he is not expecting there to be a recession.

The UK's economy shrank for the first time since 2012 in the second quarter of this year, as the manufacturing and construction sectors both slumped.

Gross - Domestic - Product - GDP - %

Gross Domestic Product (GDP) decreased by 0.2% between April and June, according to figures released on Friday by the Office for National Statistics (ONS).

The technical definition of a recession is two consecutive quarters of negative economic growth.

Mr - Javid - Reason - 'volatility - Uncertainty

Mr Javid said the reason for 'volatility' was uncertainty about Brexit, which could be resolved by leaving the EU on October 31.

Asked if the growth figures signalled the UK was heading towards a recession, Mr Javid told Channel 4 News: 'I don't accept that for a single second.

Recession - Forecaster - Recession - Bank - England

'I'm not expecting a recession, there is not a single leading forecaster out there that is expecting a recession, the independent Bank of England is not expecting a recession.

'And you know why they're not? It's because the fundamentals are strong, that's the first thing.

Economy - Work - People - % - People

'Our economy since 2010 because of the hard work of the British people has grown by 19% and we have more people employed than ever before.'

He added: 'The reason we are seeing volatility in numbers - higher results in the first quarter, lower in the second quarter - the reason we're seeing this is because businesses are trying to work around Brexit and there's too much uncertainty.

Way - Uncertainty

'The way to end that uncertainty is to make sure that...
(Excerpt) Read more at: Mail Online
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