Javid: Britain won’t be hit by a recession

BRITAIN will come out stronger and more resilient even if it leaves the EU without a deal, Chancellor Sajid Javid insisted yesterday.

And he dismissed suggestions that the UK would be hit by a recession.

Mr Javid said uncertainty over when the UK would leave had helped to fuel “volatility” in the economy after disappointing growth figures.

But he insisted the fundamentals of the British economy were strong and said the best way to shore it up was to stick to the October 31 departure date.

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) fell by 0.2 per cent from April to June, according to the Office for National Statistics (ONS).

Mr Javid said there were one-off technical reasons for the fall in growth.

He added: “One of the best ways to end this volatility is to bring certainty around Brexit and make sure we leave on October 31. I’m not expecting recession at all.There’s not a single leading forecaster out there that is expecting a recession.” Mr Javid said he was not frightened of no deal. He said: “We will get through it and come out stronger and even more resilient.

“This is a challenging period across the global economy, with growth slowing in many countries.”

Government figures show the United States has just overtaken Germany as the biggest supplier of goods and services to the UK.