London is struggling a lot due to its economy. Last several months, Britain has seen lots of ups and downs in the economy, due to Brexit uncertainty. Now, its economy is boosting due to stockpiling, mainly because of Brexit. Growth in the UK GDP was 0.3% during the three months, till February 28, 2019.Economist said that quick growth was attributed to manufacturing sector stockpiling materials that would be difficult to get if Britain moves out of the European Union.
Government authority which deals with national statistics has revealed that it saw signs that Brexit manufacturing firms were stockpiling goods giving a rise to GDP of UK. Samuel Tombs, leading economist said February figures were “well above the consensus”. Leading economy expert, Howard Archer said that there are signs of improvements in the manufacturing sector, which is highest in March, in the period of last 13 months. This is revealed in a recent survey. He said that the companies fear that the Brexit will create short supply of the materials, and they are making efforts to stockpile essential commodities.
Many pharmaceutical companies, which include Novartis and Sanofi are stockpiling the goods in Brexit which is leading to rise in economy of UK. Prime Minister Theresa May will be in Brussels on this Wednesday. She will request leaders of the European Union for the extension of Brexit delay. The current state of the UK economy is mainly attributed to Brexit issue.
Due to decline in the auto sector, dull housing market, downfall in the investment and downbeat executive all were the reason that causes confusion for 3 years in Brexit. This has often leaded to declining of economy and GDP of UK.
According to Ruth Gregory 0.3% expansion can be considered very weak. The overall growth of UK GDP is stable and good. The coming years can provide a great boost in the economy of UK.