Brexit Is Still Subduing the U.K. Economy

Britain's economy expanded at a 0.3% pace in the second quarter, the Office for National Statistics said Wednesday, as activity remained subdued over the first half of the year owing to uncertainty surrounding the country's decision to leave the European Union.

Quarterly growth was driven by gains in the services sector, particularly retail sales, the ONS said, although the annual pace of growth slowed to 1.7% from 2%, the ONS said, putting the Bank of England's full-year target of 1.9% at risk amid what the ONS called a "notable" decline in activity. Britain's economy, the second-largest in Europe, grew only 0.2% in the first three months of the year.

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