Predictions for Britain’s economic growth have improved since the country voted to leave the EU
Consultants Ernst and Young predict the UK’s gross domestic product will grow 1.3 per cent this year, up from a predicted 0.8 per cent.
And the fall in sterling has boosted British exports.
They are expected to rise by 3.3 per cent in 2017, and by 5.2 per cent in 2018.
The organisation predicts a significant readjustment in the British economy away from consumer spending and into the export market.
The fall of sterling on currency markets has boosted exports
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Ernst And Young’s Mark Gregory said: “The fall in the pound and the UK’s exit from the EU will entail a change in the structure of the UK economy.
The onus will be on businesses to adapt
Ernst And Young’s Mark Gregory
“The onus will be on businesses to adapt to the slowing domestic economy by looking overseas.”
There will also be an increase in jobs available, although not as much an increase as in recent years.
ITEM Club’s Peter Spencer said: “A weakening labour market, tepid growth in wages and rising prices on the high street will squeeze household spending in 2017, in particular on discretionary items which have been doing well over the past year.”