Uncertainty over Brexit is depressing economic growth in Britain, Chancellor Philip Hammond said on Friday after official data showed lackluster year-on-year expansion.
“Clearly that uncertainty is having a depressing effect on economic growth,” Hammond told broadcasters during a trip to central England to announce 780 million pounds of public investment in high-tech industry.
Brexit proposals set out last month by Prime Minister Theresa May should lead to economic growth that will be broadly the same as if Britain were to stay in the EU, he added.
Hammond said that in the long run he wanted to see growth rates faster than the year-on-year expansion of 1.3 percent recorded in the second quarter of 2018.
GDP grew 0.4 percent in the second quarter, according to the Office for National Statistics (ONS).
Britain is scheduled to leave the EU in March 2019, which is less than a year away.